United States

Oil & Gas Drilling

Page 3

Fred Olsen Energy cancels Hyundai rig order as Chevron deal terminated

Tuesday, 27 Oct 2015 03:30am EDT

Fred Olsen Energy ASA:Subsidiary of the company has notified Hyundai Heavy Industries that it has exercised its contractual right to terminate the order for the building of the Bollsta drilling rig.Says contract provides that on termination it will be entitled to a refund of first instalment paid to Hyundai of $186,390,240 plus accrued interest.The Bollsta rig was on 26 October 2012 contracted to Chevron North Sea Limited. Chevron and Fred. Olsen have mutually terminated the drilling contract on amicable terms.

Jasper Investments says offeror entered into a sale and purchase agreement

Sunday, 20 Sep 2015 08:09pm EDT

Jasper Investments Ltd:Offeror has, on 18 September 2015, entered into a sale and purchase agreement.Agreement in relation to sale by morton bay and purchase by offeror of an aggregate of 3.42 billion shares.Deal for aggregate cash consideration of S$1.3 million.

SeaDrill says cancels Hyundai rig building contract

Tuesday, 15 Sep 2015 07:14am EDT

SeaDrill Ltd:Has notified Hyundai Heavy Industries co ltd. that it has exercised its right to cancel contract for construction of West Mira.Unit was ordered during q2 of 2012 and delivery date stated in construction contract was by december 31, 2014.Due to shipyard's inability to deliver unit within timeframe required under contract, company has exercised its cancellation rights.Under contract terms, Seadrill has ability to recoup $168 million in pre-delivery instalments to shipyard, plus accrued interest.In the fourth quarter of 2012 Seadrill was awarded a 5 year contract for the West Mira with Husky Oil Operations Limited for operations in Canada and Greenland.As stated in the company's second quarter earnings report, due to the late delivery of the Unit, Seadrill had tentatively agreed with Husky to reduce the dayrate of the West Mira drilling contract.Seadrill remains in discussions with Husky to find an alternative solution to meet its drilling requirements.

Preliminary results of mandatory offer for S.D. Standard Drilling made by Saga Tankers

Thursday, 16 Jul 2015 02:19am EDT

SD Standard Drilling Plc:Preliminary results of mandatory offer for S.D. Standard Drilling (SDSD).Saga Tankers ASA (Offeror) has received acceptance of mandatory offer for a total of 22,555,800 shares, representing about 8.61 pct of outstanding shares and votes in SDSD.Offeror and persons acting in concert with it now owns and holds rights to a total of 179,569,430 shares, representing about 68.54 percent of shares and voting rights in SDSD.Says settlement of mandatory offer will be made as soon as possible, and no later than July 29, 2015.

Saga Tankers receives acceptances to acquire SD Standard Drilling

Monday, 13 Jul 2015 10:40am EDT

SD Standard Drilling Plc:Saga Tankers has received acceptances under mandatory offer representing in aggregate 2,000 shares in SD Standard Drilling PLC (SDSD).Saga Tankers and persons acting in concert with Saga owns 157,013,630 SDSD shares and has a right and an obligation to acquire a total of 21,977,516 SDSD shares upon consummation of mandatory offer.

Saga Tankers announces cash tender offer to acquire SD Standard Drilling

Wednesday, 17 Jun 2015 02:45am EDT

SD Standard Drilling Plc:Mandatory cash offer from Saga Tankers ASA to acquire 100 pct of shares of S.D. Standard Drilling PLC.Says announces a cash tender offer to acquire all issued and outstanding shares in SDSD not already owned by offeror or persons acting in concert with offeror.Says offeror is offering a consideration of 1.35 Norwegian crowns per share payable in cash.Says offer price values SDSD at a market capitalization of 353,700,000 crowns.

Mitchell Services Ltd announces acquisition

Monday, 8 Jun 2015 06:42pm EDT

Mitchell Services Ltd:Says it has entered into an agreement to acquire the drilling rigs and associated assets of Nitro for $16.1 million (Acquisition), positioning the company for continued growth as a provider of drilling services within Eastern Australia.Says the Nitro assets include 25 drilling rigs, including 20 Tier 1 rigs, 3 grouting units and an array of other support equipment and inventory.


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