Law Firm Ince & Co Advise on Huge Jack-Up Rig Deal

MarineLink.com
Wednesday, February 12, 2014
Martin Brown: Photo courtesy of Ince & Co

International law firm Ince & Co (Singapore) LLP represented Oro Negro in its international bond issuance, an offering of US$725-Million Notes due 2019. Partner Martin Brown described the issue as very good news for both the global high yield market and the oil services sector including the jack-up rig market operating in the Mexican Gulf of Mexico.

Ince & Co explain that the purpose of the issuance is to refinance the acquisition of three already delivered new jack-up rigs, to finance the acquisition of a fourth new jack-up rig, and for general corporate purposes.



Martin Brown, who heads the company's finance group in Singapore added: "It [the notes issue] highlights the increasing investment in higher specification rigs capable of drilling in deeper water depths with greater efficiency and technical capabilities, together with the Norwegian market’s continued role as an attractive and efficient hub for financing for the offshore industry, with an increasing number of issuers accessing the market and with a more geographically diverse investor base supporting such transactions.” He added, “We are delighted that each of these factors came together, and that we could assist Oro Negro on this successful transaction.”


The Bonds are registered and issued in the Norwegian Central Securities Depository (Verdipapirsentralen or VPS) and an application will be made for the Bonds to be listed either on the Irish Stock Exchange or Luxembourg Stock Exchange.

The sole arranger was Pareto Securities AS and Pareto Securities Pte. Ltd., an independent investment bank headquartered in Oslo, Norway.


About Oro Negro

Oro Negro is a Mexican limited liability company created with the purpose of integrating diversified oil and gas services companies and assets.

 

 

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Philippine Port Project Draws Multi-National Attention

MANILA, July 29 (Reuters) - A 18.99 billion pesos ($417.91 million) project to modernise a port in the southern Philippines has attracted interest from five groups,

Nigeria LNG to Receive Four Ships in 2015

Nigeria Liquefied Natural Gas Company (NLNG) expects to take delivery of four LNG carrier ships before year-end and another two next year, its chief executive said,

Sembcorp Marine: No Sete Brasil Payments This Year

Singapore's Sembcorp Marine has not received payment from Sete Brasil on drillship projects this year and may slow down the projects if the situation persists, a company executive said on Wednesday.

Contracts

Nigeria LNG to Receive Four Ships in 2015

Nigeria Liquefied Natural Gas Company (NLNG) expects to take delivery of four LNG carrier ships before year-end and another two next year, its chief executive said,

Sembcorp Marine: No Sete Brasil Payments This Year

Singapore's Sembcorp Marine has not received payment from Sete Brasil on drillship projects this year and may slow down the projects if the situation persists, a company executive said on Wednesday.

Anderson Appointed Chairman of Lerwick Port

Brian Anderson has been appointed Chairman of Lerwick Port Authority at the board’s Annual General Meeting in July.  Formerly Deputy Chairman, Brian succeeds

Offshore

IRSHAD Acquires Damen Shoalbuster 2308

Abu Dhabi Petroleum Ports Operating Company (IRSHAD), a part of the ADNOC Group of Companies, has taken delivery of a Damen Shoalbuster 2308, named Al Marfa 1.

'Kayaktivists' to Launch Blockade of Shell Icebreaker

A small group of protesters and activists are gathering at the Cathedral Park boat ramp in Portland, preparing to stay for a 24-hour vigil as they wait for Royal Dutch Shell Oil's icebreaker ship,

BSEE Updates Hurricane Reporting Requirements

BSEE is providing updated guidance for the current and future hurricane seasons through a Notice to Lessees (NTL) released July 27, 2015. NTL 2015-G02 clarifies

Finance

Philippine Port Project Draws Multi-National Attention

MANILA, July 29 (Reuters) - A 18.99 billion pesos ($417.91 million) project to modernise a port in the southern Philippines has attracted interest from five groups,

Nigeria LNG to Receive Four Ships in 2015

Nigeria Liquefied Natural Gas Company (NLNG) expects to take delivery of four LNG carrier ships before year-end and another two next year, its chief executive said,

Sembcorp Marine: No Sete Brasil Payments This Year

Singapore's Sembcorp Marine has not received payment from Sete Brasil on drillship projects this year and may slow down the projects if the situation persists, a company executive said on Wednesday.

People in the News

Philippines Mulls Massive Military Spend

Philippine generals on Wednesday asked Congress to almost triple annual defence spending over the next five years to upgrade equipment amid an escalating marine dispute with giant neighbour China.

NYK Vessel Rescues 336 in the Mediterranean

On July 14, Hermes Leader, a car carrier operated by NYK Line, rescued 336 people in the Mediterranean Sea. On July 14, the vessel received an emergency

'Kayaktivists' to Launch Blockade of Shell Icebreaker

A small group of protesters and activists are gathering at the Cathedral Park boat ramp in Portland, preparing to stay for a 24-hour vigil as they wait for Royal Dutch Shell Oil's icebreaker ship,

Offshore Energy

'Kayaktivists' to Launch Blockade of Shell Icebreaker

A small group of protesters and activists are gathering at the Cathedral Park boat ramp in Portland, preparing to stay for a 24-hour vigil as they wait for Royal Dutch Shell Oil's icebreaker ship,

BSEE Updates Hurricane Reporting Requirements

BSEE is providing updated guidance for the current and future hurricane seasons through a Notice to Lessees (NTL) released July 27, 2015. NTL 2015-G02 clarifies

Offshore Wind Shift to Drive Vessel Services Cooperation

Evolving procurement processes for U.K. Round 3 offshore wind farms will require a greater number of work streams, personnel with new and differing skills, and

 
 
Maritime Security Naval Architecture Navigation Offshore Oil Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.6673 sec (1 req/sec)