Bilden Joins HII Board of Directors
Philip M. Bilden has been elected to Huntington Ingalls Industries’ (HII) board of directors, effective November 7. Bilden retired last year as a co-founding member of the private equity firm HarbourVest Partners. He began his career in Boston in 1991 and relocated to Hong Kong in 1996 to establish the firm’s Asian subsidiary. Throughout his 25-year tenure at HarbourVest Partners, Bilden served in senior leadership roles in the firm’s global management, including the firm’s six-person executive committee responsible for governance.
Shelf Drilling Sings 5-Yr Contract For 2 Newbuild Jackups
Shelf Drilling, Ltd. today announces that one of its subsidiaries has been awarded contracts for two newbuild jackup rigs by Chevron Thailand, a subsidiary of Chevron Corporation (NYSE : CVX). The two drilling contracts are for a five-year term each and the newbuild rigs are scheduled to commence operations offshore Thailand during the first and third quarter of 2017 respectively. The estimated revenues which could be generated over the five-year contract term are approximately USD 281 million for each rig, excluding revenues for mobilization, demobilization and miscellaneous adjustments. In connection with the contracts, Shelf Drilling will commission two fit-for-purpose newbuild jackup rigs based on the MLT Super 116 E design. A subsidiary of Shelf Drilling, Ltd.
Douglas-Westwood Provides Commercial Assistance
Douglas-Westwood has enjoyed an active autumn providing market and commercial insight to both trade and private equity firms in the process of buying and selling oilfield services, engineering and equipment companies. “With focused and timely provision of our core service offering in market sizing, client consultations, competitive analysis and business plan reviews, our clients have completed a number of transactions in the last quarter. With one of the largest focused teams of commercial and strategy consultants, all our core global offices have been busy on some flagship deals in the sector that have completed, while they have also been working on a high number that our clients decided to withdraw from” commented Andrew Reid, group CEO.
Transocean Completes Sale of Rigs to Shelf Drilling
Transocean Ltd. (NYSE: RIG) (SIX: RIGN) has announced that it has closed on the previously disclosed transaction to sell 38 shallow water drilling rigs to Shelf Drilling Holdings, Ltd. ("Shelf Drilling"). Shelf Drilling is a newly-formed company sponsored equally by Castle Harlan, CHAMP Private Equity and Lime Rock Partners. The $1.05 billion sales price includes approximately $855 million in cash, subject to working capital and other closing adjustments, and $195 million in seller financing, which is in the form of preference shares issued by an affiliate of Shelf Drilling. As previously disclosed, Transocean will provide various transition support services to Shelf Drilling for a period of time subsequent to the closing of the transaction.
Transocean to Focus on Floaters, Jackups, Sells 38 Shallow Water Rigs
Transocean Ltd. to sell 38 shallow water drilling rigs to Shelf Drilling International Holdings, Ltd. for approximately US$1.05-billion. Shelf Drilling is a newly formed company sponsored equally by Castle Harlan, Inc., CHAMP Private Equity and Lime Rock Partners. "This agreement marks an important milestone in our asset strategy to increase our focus on high-specification floaters and jackups, improving our long-term competitiveness," said Steven L. Newman, President and Chief Executive Officer of Transocean Ltd. The sales price includes approximately $855 million in cash, subject to working capital and other closing adjustments, and $195 million in seller financing. Seller financing will be in the form of preference shares issued by an affiliate of Shelf Drilling.
Clark Nominated as Candidate for Horizon Board of Directors
Admiral Vern Clark, U. S. Navy (Retired), as a nominee to replace Mr. Marcel Fournier on the Board of Directors at the next annual meeting. directors at the Company's next annual meeting. Mr. July 2004. years of distinguished military service. Chief of Naval Operations (CNO) and a member of the Joint Chiefs of Staff. Second Fleet, NATO's Striking Fleet, and the Atlantic Fleet. three Navy Distinguished Medals, and three awards of the Legion of Merit. Japan, Portugal, Singapore, and the Netherlands.
