Oil / Gas Drilling
SeaDrill Ltd Completes Sale of T-15 Tender Rig to Seadrill Partners
SeaDrill Ltd announced that the Company completed the previously announced transaction to sell the T-15 tender rig to Seadrill Partners. The agreed upon sale is for a total price of USD 210 million, less approximately USD 100 million of debt outstanding under the credit facility secured by the T- 15. The balance of the total consideration is being financed with vendor financing provided by Seadrill in the form of a loan in the amount of approximately USD 110 million.
Seadrill Partners LLC Enters Into Agreement To Acquire Companies That Own And Operate Tender Rig T-15 From SeaDrill Ltd
Seadrill Partners LLC announced that it has entered into an agreement to acquire the companies that own and operate the tender rig T-15 from SeaDrill Ltd (Seadrill) for a total purchase price of USD210 million, less approximately USD100 million of debt outstanding under the credit facility secured by the T-15. The balance of the purchase price will be financed with vendor financing provided by Seadrill in the form of a loan in the amount of approximately USD110 million. The transaction is expected to close prior to the end of May 2013. The T-15 is contracted for a five-year period with Chevron in Thailand at a dayrate of $115,500. The rig is currently undergoing acceptance testing in Singapore prior to mobilizing to its drilling location, which is expected to occur by mid-June. The rig is currently earning a standby dayrate until it arrives in Thailand and commences operations. The Board of Directors of Seadrill Partners and the Conflicts Committee of the Board have approved the purchase price and vendor financing. The Conflicts Committee retained a financial advisor, DnB Markets, to assist with its evaluation of the transaction.
Parker Drilling Co Acquires International Tubular Services Limited
Parker Drilling Co announced the acquisition of International Tubular Services Limited and certain affiliates (ITS), subsidiaries of ITS Tubular Services (Holdings) Limited, a privately held international rental tools and well services company. In line with Parker's strategic goal to offer additional integrated products, services and expertise to international energy exploration and production (E&P) operators and drilling contractors, the acquisition significantly expands Parker's Rental Tools business to include ITS' customer base in growing international markets and additional well services. The business combination also creates opportunities to increase financial performance by leveraging operating costs and realizing tax benefits. ITS is an independent provider of rental tools and well services. Principal activities are renting drilling tubulars and pressure control equipment and providing casing running and fishing services. For this transaction, Goldman, Sachs & Co. acted as financial advisor, Ernst &Young LLP provided advisory services, and Baker Botts LLP acted as Parker's legal advisor.
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