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Oil & Gas Drilling

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SD Standard Drilling to acquire three large Norwegian built PSVs

9:02am EST

SD Standard Drilling PLC : To acquire three large Norwegian built Platform Supply Vessels (PSV) on wholly owned basis . Vessels are to be acquired for total en-bloc consideration of $40 million . Following acquisition, company will control fleet of 10 norwegian built PSVs . Acquisition of vessels is expected to be completed, subject to inspection, in February 2017 .Acquisition will be financed through its cash holding, share contributions from subsequent offers and (to extent necessary) credit facility.

China Oilfield Services sees 2017 capex at about RMB2.5 bln

5:43am EST

China Oilfield Services Ltd <601808.SS>: Company expects work volumes of business segments and service prices of its partial business will increase with varying degrees in 2017 .Estimated that capital expenditure of company for 2017 will be approximately RMB2.50 billion.

China Oilfield expects net loss for 12-mnths ended Dec. 31

5:35am EST

China Oilfield Services Ltd <601808.SS>: Estimated net loss attributable for 12 months ended 31 dec 2016 will be about RMB11.70 billion .Expected result due to oil price falling below US$30 per barrel.

Paragon Offshore announces agreement in principle to support new plan of reorganization

Wednesday, 18 Jan 2017 05:28pm EST

Paragon Offshore Plc : Paragon Offshore announces agreement in principle to support a new plan of reorganization with term lenders and revolver lenders . Paragon Offshore Plc - agreement eliminates approximately $2.4 billion of debt through combination of cash and equitization . Paragon Offshore Plc - secured term lenders and secured revolver lenders projected to receive their pro rata share of approximately $421 million in cash . Paragon Offshore Plc - expects to emerge from chapter 11 process with approximately $190 million of cash on hand . Paragon Offshore Plc - existing shareholders are not expected to receive a recovery under new plan . Paragon Offshore Plc - unsecured bondholders projected to receive approximately $50 million in cash . Paragon Offshore Plc - new debt will permit co to obtain up to an aggregate face amount of $35 million in letters of credit senior to new debt . Paragon Offshore-reached agreement with secured lenders which eliminates all of previous debt from company's balance sheet . Paragon Offshore-secured term lenders and secured revolver lenders projected to receive approximately 58% of new common equity subject to adjustments . Paragon Offshore Plc - currently developing and expects to file new plan and a new disclosure statement with respect to new plan in next few weeks . Paragon Offshore Plc - unsecured bondholders projected to receive approximately 42% of new common equity subject to certain adjustments.

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