Key Developments: Prospector Offshore Drilling SA (PROS.OL)

PROS.OL on Oslo Stock Exchange

16.00NOK
22 Aug 2014
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Latest Key Developments (Source: Significant Developments)

Prospector Offshore Drilling announces imminent delivery of its second newbuild jack-up PROSPECTOR 5
Thursday, 12 Jun 2014 11:00pm EDT 

Prospector Offshore Drilling SA:Says expects that one of its subsidiaries will take delivery of PROSPECTOR 5, from the Shanghai Waigaoqiao Shipbuilding Co. Ltd (SWS) Shipyard in Shanghai, China, on June 16.PROSPECTOR 5 is the second in the company's series of five high specification, harsh environment jack-up drilling rigs built to the Friede and Goldman JU2000E design.Upon delivery the rig will be mobilized to the UK sector of the North Sea where it is expected to begin its contracted work for Total E&P UK Limited and Elf Exploration UK Limited in September.  Full Article

Prospector Offshore Drilling announces placement of $100 mln secured bond
Friday, 2 May 2014 08:27am EDT 

Prospector Offshore Drilling SA:Completes $100 million secured bond issue in the Norwegian bond market.The bond issue has maturity in June 2019 and a fixed interest rate of 7.75 percent.Will use the bond to fully finance delivery of PROSPECTOR 5, refinance existing debt secured by PROSPECTOR 1 and general corporate purposes.Aims the bonds to be listed on Oslo Bors.Says DNB Markets, Pareto Securities and Swedbank have acted as Joint Lead Managers for the bond issue.  Full Article

Prospector Offshore Drilling announces new debt financing package
Monday, 28 Apr 2014 10:35am EDT 

Prospector Offshore Drilling SA:Says the company's newly formed subsidiary Prospector Finance II S.a r.l. has secured a fully committed Senior Secured Credit Facility in the amount of $270 million.The facility is being arranged by ABN AMRO Capital USA LLC and DNB Bank ASA.Interest rate on the five-year Senior Credit Facility will be L+350bps with a seven and a half year amortization profile.Says the subsidiary is also contemplating the issuance of a $100 million second lien bond in the amount of $100 million.DNB Markets, Pareto Securities and Swedbank will be joint lead managers and bookrunners of the contemplated bond loan.Term of the contemplated bond loan will be five-years.Net proceeds from the credit facility and the contemplated bond loan will be used to fully finance the delivery of PROSPECTOR 5, refinance existing debt secured by PROSPECTOR 1, and for general corporate purposes.  Full Article

Prospector Offshore Drilling SA updates on rig construction option agreements
Tuesday, 7 Jan 2014 09:09pm EST 

Prospector Offshore Drilling SA:Says it has reached an agreement with Shanghai Waigaoqiao Shipbuilding Co., Ltd. (SWS) to extend the expiration date of its rig construction option agreement with SWS (Option Agreement No. 3).Says this option agreement, which was entered into on July 02, 2011 and was previously due to expire on Dec. 31, 2013, will now expire on June. 30.Says two outstanding rig construction option agreements with Dalian Shipbuilding Industry Offshore Co., Ltd., have expired (New Option Agreement No. One and New Option Agreement No. Two).Says these option agreements were entered into on Apr. 02, 2011 and expired on Dec. 31.  Full Article

Prospector Offshore Drilling names Glen Rodland as Chairman
Monday, 16 Dec 2013 01:30am EST 

Prospector Offshore Drilling SA:Says Glen Rodland has been appointed Chairman of the Board of Directors.No further details were disclosed.  Full Article

Prospector Offshore Drilling's EGM removes Geir Sandvik as Chairman
Monday, 9 Dec 2013 09:06am EST 

Prospector Offshore Drilling SA:Says the Extraordinary General Meeting (EGM) held on Dec. 9 resolved to remove Geir Sandvik as Director and Chairman of the company.Says the resolution has immediate effect.  Full Article

Prospector Offshore Drilling SA completes sale of Prospector Rig 3 Owning Company S.a r.l.
Wednesday, 27 Nov 2013 04:42pm EST 

Prospector Offshore Drilling SA:Says the sale of Prospector Rig 3 Owning Company S.a r.l. to Seadrill Jack-up Holding Ltd has now been completed.Says the company's aggregate net proceeds from the transaction are about $52 million.Says the company will recognize an aggregate net gain of approximately $28 million based on the first instalment of $19.9 million for the shipyard contract with DSIC-Offshore, project management costs, broker commissions, taxes and professional fees.Says Seadrill Jack-up Holding Ltd. is subsidiary of Seadrill Limited.  Full Article

ODIN Forvaltning AS' Decreases Stake in Prospector Offshore Drilling SA
Friday, 22 Nov 2013 08:30am EST 

Prospector Offshore Drilling SA announced that a fund managed by ODIN Forvaltning AS has sold 3,400,000 shares in the Company. Following on that, the fund holds 2,307,173 shares in Prospector Offshore Drilling, corresponding to 2.44% of the Company's share capital.  Full Article

Prospector Offshore Drilling SA Sells Prospector Rig 3 Owning Company S.a r.l. to Seadrill Limited's Subsidiary
Friday, 15 Nov 2013 02:01am EST 

Prospector Offshore Drilling SA announced that the Company's relevant group subsidiaries have entered into an agreement (the Rig 3 Company Sales Agreement) with Seadrill Jack-up Holding Ltd., a subsidiary of Seadrill Limited (Purchaser), for the sale and purchase of 100% of the shares and certain intercompany obligations of Prospector Rig 3 Owning Company S.a r.l. The total sales consideration is approximately USD 55.2 million in cash. As part of the Rig 3 Company Sales Agreement, the Purchaser will deposit USD 6.0 million in an escrow account no later than November 19, 2013, and closing is scheduled for November 28, 2013. At closing the USD 6.0 million will be released from escrow and the final payment of USD 49.2 million will be made, of which USD 10.0 million will be held in an escrow account and released upon delivery of Rig 3 by DSIC-Offshore. The closing of the sale and purchase of the shares will be subject to obtaining the approval of DSIC-Offshore. Assuming the closing of the transaction occurs, the Company anticipates that its net proceeds from the sales transaction will be approximately USD 52 million. The Company also anticipates that it will recognize a gain of approximately USD 28 million at closing, based on the first instalment of USD 19.9 million for the shipyard contract with DSIC-Offshore, project management costs, broker commissions, taxes and professional fees related to the Rig 3 Company Sales Agreement.  Full Article

QVT Financial LP Increases Stake in Prospector Offshore Drilling SA to 11.63%
Friday, 1 Nov 2013 03:24am EDT 

Prospector Offshore Drilling SA announced that on October 31, 2013 funds managed by QVT Financial LP (QVT) purchased an aggregate 5,003,119 shares in the Company, and accordingly, QVT crossed above the 10% threshold. QVT hereafter owns a total of 10,991,565 shares in Prospector Offshore Drilling S.A., or 11.63% of the registered share capital.  Full Article

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