US Court Approves Seadrill's Bankruptcy Exit Plan
A U.S. judge said on Tuesday he would approve Seadrill Ltd's plan to exit its Chapter 11 bankruptcy, in which the global offshore oil and gas drilling company would shed billions of dollars of debt and raise $1 billion in new investment. U.S. Bankruptcy Judge David Jones in Houston overruled two minor objections to the reorganization plan during a 90-minute hearing. The plan extends maturities on more than $5 billion of bank loans and converts about $2.3 billion in bond debt into equity in a reorganized Seadrill.
Nabors Posts Quarterly Loss as Drilling Activity Slows
Offshore driller Nabors Industries Ltd reported a quarterly loss, hurt by lower drilling activity amid a slump in global crude prices. The company posted a net loss of $891.1 million, or $3.08 per share, in the fourth quarter ended Dec. 31, compared with a profit of $150.6 million, or 50 cents per share, a year earlier. Revenue rose 11.1 percent to $1.79 billion. (Reporting By Darshana Sankararaman in Bengaluru; Editing by Simon Jennings)
Hornbeck Completes Sea Mar Fleet Acquisition
Hornbeck Offshore Services, Inc., has completed its previously announced acquisition of 20 offshore supply vessels (OSVs) and their related business from certain affiliates of Nabors Industries Ltd. for cash consideration of $186m, plus the cost of the fuel inventory on such vessels. The Sea Mar Fleet is comprised of ten 200 class DP-1 new generation OSVs and ten conventional OSVs. The company also acquired one 285-ft. DP-2 new generation OSV currently under construction at a domestic shipyard with an anticipated fourth quarter 2008 delivery. The total estimated cost of this newbuild vessel, prior to allocation of construction period interest, is approximately $34m, of which $7.3m was paid to Nabors at closing. All of the vessels acquired by Hornbeck Offshore are U.S.
HOS Closes Sea Mar Fleet Acquisition
Hornbeck Offshore Services completed its acquisition of 20 offshore supply vessels and their related business from certain affiliates of Nabors Industries Ltd. for $186 million, plus the cost of the fuel inventory on the vessels. The Sea Mar Fleet is comprised of ten 200 class DP-1 new generation OSVs and ten conventional OSVs. The company also acquired one 285-foot DP-2 new generation OSV currently under construction at a domestic shipyard with an anticipated fourth quarter 2008 delivery. The total estimated cost of this newbuild vessel, prior to allocation of construction period interest, is approximately $34.0 million, of which $7.3 million was paid to Nabors at closing. All of the vessels acquired by Hornbeck Offshore are U.S. flagged and qualify for U.S.
Hornbeck to Acquire Sea Mar Fleet From Nabors
Services, Inc. Industries Ltd. such vessels. generation OSVs and ten conventional OSVs. generation OSV currently under construction at a domestic shipyard with an anticipated fourth quarter 2008 delivery. Nabors at closing. All of the vessels to be acquired by Hornbeck Offshore are U.S. and qualify for U.S. of the conventional vessels, which is foreign-flagged. offshore Mexico. expected to be immediately accretive to earnings. projected cash flows from operations. conditions, including third party consents and regulatory approvals, and is expected to occur in early August 2007.
SEACOR and Nabors Announce Letter of Intent for Offshore Vessel Fleet
SEACOR Holdings Inc. and Nabors Industries Ltd. have entered into a letter of intent to form a new company to own and operate a fleet of 20 offshore support vessels currently owned by a Nabors affiliate. A subsidiary of SEACOR will be the majority owner of the new company, Sea Mar Offshore LLC and will manage its 19 US flag and one foreign flag vessels. Nabors will be a minority owner of Sea Mar, which will qualify for US coastwise trade. Early termination of the waiting period under the "Hart-Scott-Rodino" Anti-Trust Improvement Act of 1976 was granted on June 20, 2007. The transaction is subject to definitive documentation and expected to close on or before July 13, 2007.
