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Oil & Gas Drilling

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Seadrill in deal to end most financial guarantees to Archer

Wednesday, 26 Apr 2017 02:33am EDT

April 26 (Reuters) - Seadrill Ltd :Has signed and closed an agreement with Archer and its lenders to extinguish approximately $253 million in financial guarantees provided by seadrill in exchange for a cash payment of approximately $25 million.Remains in constructive discussions with Archer and its lenders to extinguish remaining $25 million of financial guarantees in exchange for a cash payment representing 10% of their face value.As part of archer's restructuring plans company has also agreed to convert $146 million in subordinated loans provided to archer into a $45 million subordinated convertible loan.The subordinated convertible loan will bear interest of 5.5%, matures in December 2021 and have a conversion right into equity of Archer Limited in 2021 based on a strike price of US$2.083 per share, which is approximately 75% above the subscription price in Archer's private placement on February 28, 2017.

Seadrill in deal to end most financial guarantees to Archer

Wednesday, 26 Apr 2017 02:33am EDT

April 26 (Reuters) - Seadrill Ltd :Has signed and closed an agreement with Archer and its lenders to extinguish approximately $253 million in financial guarantees provided by seadrill in exchange for a cash payment of approximately $25 million.Remains in constructive discussions with Archer and its lenders to extinguish remaining $25 million of financial guarantees in exchange for a cash payment representing 10% of their face value.As part of archer's restructuring plans company has also agreed to convert $146 million in subordinated loans provided to archer into a $45 million subordinated convertible loan.The subordinated convertible loan will bear interest of 5.5%, matures in December 2021 and have a conversion right into equity of Archer Limited in 2021 based on a strike price of US$2.083 per share, which is approximately 75% above the subscription price in Archer's private placement on February 28, 2017.

Ocean Rig announces engagement of Fearnley's and Clarksons

Tuesday, 11 Apr 2017 04:47pm EDT

Ocean Rig UDW Inc : Ocean Rig announces engagement of Fearnley's and Clarksons and extension of early consent deadline . Ocean Rig UDW - agreed to extend term of early consent deadline under restructuring agreement dated March 23, for holders of SSNS to accede to RSA . Ocean Rig UDW Inc - Drh early consent fee deadline has been extended from April 11, 2017 to April 21, 2017 .Ocean Rig UDW - in connection with engagement of SSN advisor, agreed to accede to RSA, receive pro rata portion of DRH early consent fee of $2.5 million.

Xtreme Drilling announces additional strategic initiatives

Monday, 3 Apr 2017 05:53pm EDT

Xtreme Drilling Corp - : Announces additional strategic initiatives to deliver value to shareholders and increase competitiveness in us resource plays . Intention to explore strategic options with respect to eight shallower capacity AC electric XDR 200 and 300 drilling rigs . By end of 2017 xtreme will have 13 rigs that fit this category, ten XDR 500 and three 850XE rigs . Commencement of substantial issuer bid to purchase Xtreme common shares . Intends to undertake substantial issuer bid to purchase up to aggregate of $25 million in xtreme shares through a Dutch auction tender process . Board of directors has appointed an independent committee of directors to set price and details around proposed issuer bid . Company will continue to operate existing three rig XDR 200 operation in Canada while strategic options are evaluated . Xtreme Drilling Corp - "Company is reviewing international opportunities to deploy rigs alongside potential for an outright sale" .Xtreme anticipates an additional rig to be contracted in q2 for a q4 2017 delivery.

BRIEF-Oil service firm Archer to issue new shares, restructure debt

Tuesday, 28 Feb 2017 11:10am EST

Archer Ltd : Oslo-listed oil service firm says q4 revenues $221.4 million (Reuters poll $215 million) . Says its q4 underlying EBITDA $18.8 million (Reuters poll EBITDA $16 million) . Says underlying EBITDA excludes restructuring costs of $4.8 million . Says its net interest-bearing debt $795.9 million at end q4 versus $814.9 million at end q3 . Says expects first quarter 2017 to be somewhat lower than fourth quarter 2016, but expect that full 2017 to be largely in line with 2016 before restructuring . Says expects total spending for 2017 to be approximately 2-3 pct of revenue . Says announces a comprehensive refinancing, including an equity issue . Says says plans to rise usd 60-120 in a private placement of new shares for existing shareholders and potential new Norwegian and international investors . Says has received significant indications of interest from investors, including from Hemen Holding Ltd., to subscribe in private placement for an amount well exceeding minimum required transaction size of usd 60 million . Says has retained ABG Sundal Collier ASA, Arctic Securities AS, DNB Markets, Nordea Markets, and Skandinaviska Enskilda Banken AB (publ.) as Joint Bookrunners . Says company has secured agreement with lenders for a restructuring of usd 625 million revolving credit facility (RCF).

BRIEF-Oil service firm Archer to issue new shares, restructure debt

Tuesday, 28 Feb 2017 11:10am EST

Archer Ltd : Oslo-listed oil service firm says q4 revenues $221.4 million (Reuters poll $215 million) . Says its q4 underlying EBITDA $18.8 million (Reuters poll EBITDA $16 million) . Says underlying EBITDA excludes restructuring costs of $4.8 million . Says its net interest-bearing debt $795.9 million at end q4 versus $814.9 million at end q3 . Says expects first quarter 2017 to be somewhat lower than fourth quarter 2016, but expect that full 2017 to be largely in line with 2016 before restructuring . Says expects total spending for 2017 to be approximately 2-3 pct of revenue . Says announces a comprehensive refinancing, including an equity issue . Says says plans to rise usd 60-120 in a private placement of new shares for existing shareholders and potential new Norwegian and international investors . Says has received significant indications of interest from investors, including from Hemen Holding Ltd., to subscribe in private placement for an amount well exceeding minimum required transaction size of usd 60 million . Says has retained ABG Sundal Collier ASA, Arctic Securities AS, DNB Markets, Nordea Markets, and Skandinaviska Enskilda Banken AB (publ.) as Joint Bookrunners . Says company has secured agreement with lenders for a restructuring of usd 625 million revolving credit facility (RCF).

Boart Longyear announces credit facility

Wednesday, 4 Jan 2017 07:52pm EST

Boart Longyear Ltd : Boart Longyear announces new us$20 million credit facility from Centerbridge . facility has been established to provide additional financial resources to support ongoing restructuring discussions .overall financial condition and outlook remain as previously announced.

Boart Longyear announces credit facility

Wednesday, 4 Jan 2017 06:22pm EST

Boart Longyear Ltd : Boart Longyear announces new us$20 million credit facility from Centerbridge . facility has been established to provide additional financial resources to support ongoing restructuring discussions .overall financial condition and outlook remain as previously announced.

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