Oil & Gas Drilling

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Saga Tankers to increase stake in SD Standard Drilling Plc to 19%

6:55am EDT

SD Standard Drilling Plc:Saga Tankers ASA to increase stake in SD Standard Drilling Plc to 19%, Ferncliff TIH 1 AS to cut stake by 17.6%.Change in ownership subject to completion of assets deal between Saga Tankers and Ferncliff.

Noble Corp board of directors approves Spin-Off of Paragon Offshore

Friday, 11 Jul 2014 04:36pm EDT

Noble Corp:Announces that its board of directors has approved the spin-off of Paragon Offshore plc, a subsidiary of Noble, through a pro rata distribution of an aggregate of 84,753,393 Paragon ordinary shares to the holders of Noble ordinary shares.

Paragon Offshore Ltd announces pricing of $1.08 bln private placement of senior notes in connection with spin-off

Friday, 11 Jul 2014 01:31pm EDT

Paragon Offshore Ltd:Prices $500 mln aggregate principal amount of Paragon's 6.75 pct senior unsecured notes due 2022 and $580 mln aggregate principal amount of 7.25 pct senior unsecured notes due 2024, in private offering.Notes will be issued at price of 100 pct of their face value.Offering of the notes is expected to close on July 18, 2014.Paragon intends to use net proceeds from offering of notes, together with borrowings under Term Loan Facility, to repay all or substantially all of promissory notes that it expects to issue to Noble.As partial consideration for transfer to Paragon of Noble's standard specification drilling business in connection with the spin-off.

SeaDrill Ltd cancels contemplated convertible bond issuance and voluntary incentive payment offer

Tuesday, 8 Jul 2014 06:31pm EDT

SeaDrill Ltd:Decides to cancel the contemplated $1 bln 2019 maturity convertible bond issuance due to share price development on day of issuance.Although order book was covered, adverse price movement led to an unattractive conversion price for issue.Consequently, Seadrill will refuse to accept any Acceptance Forms delivered in connection with voluntary incentive payment offer to convert the existing 3.375 pct. $650 mln Seadrill convertible bonds due in 2017.Following numerous successful transactions Seadrill Group will have cash balance of about $1.5 bln by end of July.In light of this strong liquidity position the company did not view this transaction as a requirement, but rather as an opportunity.

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