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Oil & Gas Drilling

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Seadrill q1 EBITDA above forecast, keeps restructuring talks

Wednesday, 24 May 2017 02:24am EDT

May 24 (Reuters) - Rig firm Seadrill Ltd ::Seadrill q1 ebitda $291 million (Reuters poll $271 million).Seadrill q1 revenues $569 million (Reuters poll $551 million).Seadrill limited's order backlog $3.4 billion at end-q1 versus $2.5 billion at end-q4.Seadrill ltd: our priority continues to be to implement our restructuring plan with right structure and terms for our stakeholders.Seadrill ltd: ebitda will be lower for the second quarter, at around $240 million.Seadrill ltd: the company is now in advanced discussions with certain third party and related party investors and its secured lenders on the terms of a comprehensive recapitalization.While discussions with secured lenders and certain investors have advanced significantly, a number of important terms continue to be negotiated and no assurance can be given that an agreement will be reached.As previously disclosed, we continue to believe that implementation of a comprehensive restructuring plan will likely involve schemes of arrangement or chapter 11 proceedings, and we are preparing accordingly.Seadrill ltd repeats currently expects that shareholders are likely to receive minimal recovery for their existing shares.In April, the Company reached an agreement with its bank group to extend the comprehensive restructuring plan negotiating period until 31 July 2017.Net interest bearing debt $8.2 bln at end Q1 vs $8.5 bln at end q4 2016.

Noble Corp reports Q1 loss per share $0.17 excluding items

Thursday, 4 May 2017 05:00pm EDT

May 4 (Reuters) - Noble Corporation Plc :Noble Corporation PLC reports first quarter 2017 results.Q1 loss per share $0.17 excluding items.Q1 loss per share $1.24.Q1 earnings per share view $-0.19 -- Thomson Reuters I/B/E/S.Noble Corporation PLC - qtrly total average rig utilization 69 percent versus 79 percent last year.Noble Corporation PLC - qtrly total average dayrate $202,674 versus $287,169 last year.Noble Corporation - at March 31, 2017, contract backlog totaled $3.5 billion with estimated $2.0 billion relating to floating rig fleet, $1.5 billion to jackup rig fleet.Noble Corporation - quarterly results reflect negative impact of a non-cash, discrete tax item of $260 million following a internal reorganization.Qtrly operating revenue $363 million versus $612 million.Q1 revenue view $366.1 million -- Thomson Reuters I/B/E/S.Noble Corporation - "contract awards, especially in jackup sector, are occurring with greater frequency, and field development activity is up, relative to recent past".Noble Corp - "we believe long-term oil market fundamentals are supportive of stable to higher crude oil prices, which with time will support an increase in rig demand".

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.

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).

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