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 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Navy Autonomous Underwater Vehicle Delivery Milestone

Commander, Submarine Development Squadron 5 (CSDS 5), Detachment UUV, informs of the delivery of Large Training Vehicle 38 (LTV 38), an unmanned undersea vehicle (UUV),

Info-X Invests in $5m Headquarter Expansion

Transportation solutions provider capitalizes on outsourcing trend Info-X Software Technology, provider of software solutions and back-office support to U.S.

Daihatsu Joins ClassNK Research Project

Classification society ClassNK announced that it will embark on a joint research project together with Daihatsu Diesel Mfg. Co., Ltd. Through the partnership, ClassNK

Contracts

OSV Power

The continued maturation of Offshore Service Vessel design is embodied in recent contracts and deliveries.  Ulstein Verft subsea newbuild Island Performer was

Kongsberg to Supply FPSO Safety System

Kongsberg Maritime Engineering (KME), the wholly owned Engineering, Procurement and Construction (EPC) subsidiary of global maritime technology developer Kongsberg Maritime,

CWind Wins 3-year O&M Services Contract

CWind, a provider of services to the offshore wind industry, have signed a three-year contract to provide crew and equipment transfer for DONG Energy and Scottish

Offshore

EOC Takes Full Ownership of OSVs

On 26 August 2014, EOC Limited agreed to acquire 50% of the entire issued share capital of Lewek Antares Shipping Pte. Ltd. (the "Target") , a company incorporated under the laws of Singapore,

OSV Power

The continued maturation of Offshore Service Vessel design is embodied in recent contracts and deliveries.  Ulstein Verft subsea newbuild Island Performer was

Lamprell First Half Results Beat Expectations

Lamprell today announced its financial results for the first half of 2014, reporting results ahead of expectations due to strong operational performance and early results from savings initiatives,

Finance

EOC Takes Full Ownership of OSVs

On 26 August 2014, EOC Limited agreed to acquire 50% of the entire issued share capital of Lewek Antares Shipping Pte. Ltd. (the "Target") , a company incorporated under the laws of Singapore,

Info-X Invests in $5m Headquarter Expansion

Transportation solutions provider capitalizes on outsourcing trend Info-X Software Technology, provider of software solutions and back-office support to U.S.

US Rail Jams Force Rush to Roads and Rivers

U.S. coal-burning power utilities are being forced to turn to barges and more expensive trucks to move coal, desperate to shore up stockpiles left dangerously low

People in the News

Coast Guard Responds to Capsized Tug in Chicago

The Coast Guard is responding to the capsizing of a tug on the Calumet River near the 106th St. Bridge in Chicago in which two crew members were able to escape and swim to shore.

UK's Hound Point VLCC Jetty Down Until Sept. 15

The supertanker jetty at the North Sea's Hound Point crude oil terminal is shut for maintenance and will not reopen until Sept. 15, operator BP Plc said on Thursday,

Joint Petroleum Development in South China Sea Makes Sense

Shared development of oil, gas and possibly other natural resources is the most promising option for reducing tensions in the South China Sea and should be the

Offshore Energy

CWind Launches New Vessel

CWind, a provider of integrated services to the offshore wind industry, has launched its new vessel CWind Fulmar in a naming ceremony in Brightlingsea. The CWind Fulmar, built by CTruk Ltd.

Policy Uncertainty Threatens to Slow Renewable Energy Momentum

IEA forecast sees renewable power as a cost-competitive option in an increasing number of cases, but facing growing risks to deployment over the medium term. The

Lamprell First Half Results Beat Expectations

Lamprell today announced its financial results for the first half of 2014, reporting results ahead of expectations due to strong operational performance and early results from savings initiatives,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Pipelines Port Authority Ship Electronics Ship Repair Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1366 sec (7 req/sec)