Prospector Offshore Drilling SA: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
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Prospector Offshore Drilling SA Announces Temporarily Suspended Work on Four Jack-up Rigs
Prospector Offshore Drilling SA, which has four jack-up rigs (Rigs) under construction in Dalian Shipbuilding Industry Offshore Co. Ltd. (DSIC-Offshore), announced that it was informed that DSIC-Offshore has been notified by Friede & Goldman Marketing BV (F&G) to temporarily suspend work on the Rigs' jacking systems, pending testing. F&G is the engineering firm that has designed the jack-up and has supplied the entire jacking system through their own sub-suppliers. DSIC-Offshore had previously experienced issues with some of the components of the jacking systems of F&G rigs currently under construction at their yard, and was investigating the jacking systems before receiving the letter from F&G. The Company is cooperating closely with DSIC-Offshore, F&G and ABS, to resolve these issues. The American Bureau of Shipping (ABS) is an independent classification society. The Company's first rig, PROSPECTOR 1, was previously expected to be delivered at the end of January 2013 and mobilized to the North Sea for a long term drilling contract. At this time, the Company cannot estimate any impact on the delivery date of PROSPECTOR 1 until the evaluation of the jacking system is complete, which is anticipated to be within the next few weeks. The Company is currently developing a number of alternative solutions to replace any components, which might be found non-compliant, and minimize any delay to the delivery schedule.
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