Sembcorp Marine to Sell West Rigel
Sembcorp Marine announced that its wholly-owned subsidiary Jurong Shipyard Pte Ltd (JSPL) has signed an agreement for the sale of the semi-submersible rig West Rigel (Rig) to a buyer at a price of US$500 million. Under the terms of the agreement, the Sale is subject to conditions precedent being met by both parties before the delivery of the Rig and the payment of the price. Once the conditions precedent are fulfilled, the buyer will take delivery of the Rig but the Rig will remain in the Company’s yard for certain works to be undertaken for reactivation. West Rigel was originally contracted by North Atlantic Rigel Ltd (NARL), a subsidiary of North Atlantic Drilling Ltd (NADL) and Seadrill Ltd. Both Seadrill Ltd and NADL have applied for restructuring under Chapter 11 in the United States.
Termination of Seadrill Unit's and Rosneft Deal Extended
North Atlantic Drilling (NADL), a subsidiary of Seadrill, will delay the closing of a deal with Russia's Rosneft by two years and has agreed to renegotiate the terms of the agreement, reports Reuters. NADL will also be permitted to delay the construction, delivery, or shipyard stay of any of those rigs. Western sanctions levied against Russia for its actions in Crimea have raised concerns over the future of the $4.1 billion agreement and have already forces Rosneft to terminate several North Atlantic Drilling contracts. North Atlantic Drilling said in a statement, "Today, all parties have mutually agreed to extend the termination date ... The two companies also agreed to renegotiate the terms following the collapse of rig rates caused by the 50% fall in the oil price since June 2014.
Rosneft and NADL Sign Exchange of Assets Deal
Rosneft, Seadrill Limited and North Atlantic Drilling Limited (NADL) signed a Framework Agreement that envisages long-term cooperation in the sphere of oilfield development projects. The document foresees the acquisition by Rosneft of NADL shares through an exchange of assets and investments in NADL charter capital. Moreover agreement’s options contemplate a possibility for Rosneft to increase its stake in NADL according to the development of the cooperation. The deal is implemented within the Rosneft’s strategy aimed at strengthening and expanding its service business potential, increasing its technological capabilities and will allow the Company to acquire a fleet of platforms and drilling rigs for the conduction of on and offshore drilling operations.
North Atlantic Drilling Set for Initial NYSE Public Offering
North Atlantic Drilling Limited (NADL), a leading offshore harsh environment drilling company in which Seadrill Limited currently holds a 74 percent ownership interest, to file for independent listing on the New York Stock Exchange (NYSE). The company states that it has filed its first amended registration statements with the United States Securities and Exchange Commission (SEC) in connection with its initial public offering and concurrent offer to exchange previously issued unregistered common shares, other than the common shares owned by affiliates of NADL, for common shares that have been registered under the Securities Act of 1933, as amended. Morgan Stanley will act as the Global Coordinator and Lead Bookrunner for the initial public offering.
Seadrill Look to the North With NADL
Seadrill and North Atlantic Drilling announce strategic partnership to develop their business for drilling in harsh environments. The basis for the establishment of NADL in 2011 was to carve out a premium specialist operator with a superior safety standard in harsh environment areas and to use this as a platform to grow the business substantially. NADL builds on a 40-year history of drilling operations and a best-in-class track record in challenging areas. The recent discoveries and activities in harsh environment areas like Norway…
Jack-up Rig Deal Agreed by NADL & Ship Finance
North Atlantic Drilling ("NADL") and Ship Finance International Limited ("Ship Finance") agree a combined a combined sale & leaseback arrangement for the harsh environment jack-up rig 'West Linus'. Ship Finance will acquire the harsh environment jack-up drilling rig West Linus from a subsidiary of NADL. The West Linus is currently under construction at Jurong Shipyard in Singapore with scheduled delivery in December 2013. The total acquisition cost will be US$600 million and the drilling rig will be chartered back to NADL on a bareboat contract for a period in excess of 15 years.
