Oil / Gas Drilling
Moody’s Downgrades Boart Longyear Ltd's Longyear Corporate Debt Ratings
Boart Longyear Ltd announces that Moody’s Investors Services has downgraded the Company’s debt ratings as follows: Corporate Family Rating and Probability of Default rating – Downgraded to Ba3 and Ba3-PD from Ba2 and Ba2-PD, respectively; Senior unsecured note rating – Downgraded to B1 from Ba2; and Rating outlook is negative.
Noble Corp Approves Proposed Change In Place Of Incorporation
Noble Corp announced that its Board of Directors has approved changing the place of incorporation of the publicly traded parent of the Noble group of companies from Switzerland to the United Kingdom. The Company's shareholders will be asked to vote to approve the proposed change. If approved by shareholders, Noble expects the change of the place of incorporation to be effective as soon as practicable following the merger of Noble Corporation, the current Swiss parent company, into a newly formed company incorporated under English law. The merger will result in the newly formed company serving as the publicly traded parent of the Noble group of companies. Noble expects that the shareholder meeting at which shareholders will vote on the migration will be called in the near future and will occur during the fourth quarter of 2013.
Boart Longyear Ltd Lowers FY 2013 Profit Guidance-DJ
Dow Jones reported that Boart Longyear Ltd downgraded its profit guidance for the second time in as many months, blaming a sharp decline in demand for drilling services from miners. The Company said analysts' forecasts for its operating earnings for fiscal 2013, currently range between USD176 million and USD211 million. Expectations should be reduced below these ranges given the industry volatility that persists at present, the Company said, without elaborating.
SeaDrill Ltd And Sapurakencana Petroleum Berhad Announce $2.7 Billion Petrobras Contract
SeaDrill Ltd and SapuraKencana Petroleum Berhad (SapuraKencana) announced that their jointly owned entity, Sapura Navegação Marítima S.A., Brazil (SNM) has been awarded a contract from Petróleo Brasileiro S.A. (Petrobras) to charter and operate three Pipe Laying Support Vessels (PLSV's). The contract is for a period of eight years with an extension option for an additional eight years and is expected to commence by the second quarter of 2016. Total revenue potential for the contract is expected to be US$2.7 billion.
Archer Ltd Completes Divestiture Of North American Rental And Tubular Division
Archer Ltd announced that with refer to the press release dated May 22, 2013, which announced the agreement to sell the North American Rental and Tubular division. Archer and Clearlake Capital completed the previously announced transaction on June 27, 2013. The agreed upon all-cash transaction price was $244 million. The net proceeds exclusive of working capital adjustments, fees and funds in escrow are approximately $229 million. Archer will use the net proceeds to pay down outstanding balances on its credit facilities.
Sevan Drilling ASA's Board Believes that Seadrill Ltd's Offer of NOK 3.95 per Share Undervalues Sevan Drilling's Assets
Sevan Drilling ASA announced that the Company's Board believes that the price of NOK 3.95 proposed by Seadrill Ltd for each share in Sevan Drilling undervalues Sevan Drilling's assets and prospects, and represents a significant discount to latest analyst consensus net asset value estimates and target prices. The Company stated that its Board will revert with formal opinions on the offer and further guidance for shareholders regarding any future action in due course, once the details of Seadrill's offer, financing solution and other propositions have been reviewed and considered.
Sevan Drilling ASA's Board Believes that Seadrill Ltd's Offer of NOK 3.95 per Share Undervalues Sevan Drilling's Assets
Sevan Drilling ASA announced that Sevan Drilling's Board believes that the price of NOK 3.95 proposed by Seadrill Ltd for each share in Sevan Drilling undervalues Sevan Drilling's assets and prospects, and represents a significant discount to latest analyst consensus net asset value estimates and target prices. Sevan Drilling stated that its Board will revert with formal opinions on the offer and further guidance for shareholders regarding any future action in due course, once the details of Seadrill's offer, financing solution and other propositions have been reviewed and considered.
Seadrill Ltd to Submit Mandatory Offer for All Shares Outstanding in Sevan Drilling ASA
Sevan Drilling ASA announced that Seadrill Ltd issues on June 26, 2013 a notification of trade regarding purchase of shares in Sevan Drilling ASA. Following the notification Seadrill has on June 27, 2013 purchased an additional 116,934,875 shares in Sevan Drilling at a price of NOK 3.95 per share. Following the purchase, Seadrill owns (including shares purchased under forward agreements) 297,893,964 shares in Sevan Drilling, equal to 50.1% of the shares and the votes in Sevan Drilling. Pursuant to section six of the Norwegian Securities Act, Seadrill intends to submit a mandatory offer for all shares outstanding in Sevan Drilling that are not owned by Seadrill.
Seadrill Ltd to Submit Mandatory Offer for All Shares Outstanding in Sevan Drilling ASA
Sevan Drilling ASA announced that Seadrill Ltd issues on June 26, 2013 a notification of trade regarding purchase of shares in Sevan Drilling ASA. Following the notification Seadrill has on June 27, 2013 purchased an additional 116,934,875 shares in Sevan Drilling at a price of NOK 3.95 per share. Following the purchase, Seadrill owns (including shares purchased under forward agreements) 297,893,964 shares in Sevan Drilling, equal to 50.1% of the shares and the votes in Sevan Drilling. Pursuant to section six of the Norwegian Securities Act, Seadrill intends to submit a mandatory offer for all shares outstanding in Sevan Drilling that are not owned by Seadrill.
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Analyst Research
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Provider: GlobalData
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