Oil / Gas Drilling
SD Standard Drilling Plc to Sell B340 Rig Under Construction to UMW Oil & Gas' Company; Declares Interim Cash Dividend
SD Standard Drilling Plc announced that the Company has entered into a final SPA for the sale of one rig (B340) under construction for a total consideration of USD 223 million. The buyer is UMW Rig Asset (L) Ltd, a wholly owned subsidiary of UMW Oil & Gas Group of Companies incorporated in Malaysia. Final closing of the transaction is expected to take place on June 10, 2013. The sale of the rig will give an estimated net profit of USD 29 million. After the sale and the USD 0.26 per share dividend distribution that the Company declared on May 21 has been completed, the book equity of Standard Drilling will be approximately USD 72 million or USD 0.27 per share (NOK 1.57 per share). The announced interim cash dividend of USD 0.26 per share is estimated to be distributed on June 4, 2013. The shares will be traded ex-dividend as from and including May 24, 2013.
Archer Ltd Announces Divestiture Of North American Rental And Tubular Division To Clearlake Capital Group
Archer Ltd announced that the Company has agreed to sell North American Rental and Tubular division to an affiliate of Clearlake Capital Group, L.P. for approximately $244 million. The all-cash transaction is expected to close in June 2013. Archer will use the majority of the proceeds from the sale to pay down outstanding balances on credit facilities. Simmons & Company International served as exclusive financial advisor and Andrews Kurth LLP served as legal advisor to Archer in this transaction. Jefferies LLC served as financial advisor and Vinson & Elkins LLP served as legal advisor to Clearlake in this transaction.
Boart Longyear Ltd Cuts 1,000 Jobs-DJ
Dow Jones reported that Boart Longyear Ltd it had cut more than 1,000 staff since the start of the calendar year amid a slowing down in global mining investment. The Company, which mainly provides drilling services to the resources industry, said it had reduced headcount to about 8,000 from more than 9,000 staff at the end of last year. That included a reduction since mid-February of about 680 people.
Songa Offshore SE's Chairman to Step Down
Songa Offshore SE announced that Chairman of the Company's Board of Directors, Mr. Jens A. Wilhelmsen, wishes to step down. The Company's Nomination Committee proposes Mr. Michael Mannering as new Chairman.
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Analyst Research
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Provider: SADIF-Investment Analytics, S.A.
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$25.00
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Provider: GlobalData
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$250.00
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Provider: GlobalData
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Provider: GlobalData
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$125.00
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Provider: GlobalData
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$125.00
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