Sevan Drilling News

Norwegian maritime and offshore training software firm Mintra said it has appointed Kevin Short as CEO. Short, who has been chief commercial officer since 2018, takes over the leadership role from Scott Kerr following his decision to join the firm’s board of directors.“In these post-Covid times and as we slowly return to a world that can be considered more normal, there are tremendous prospects for both digital learning and human capital management software. We know that how things worked before – people constantly travelling to training facilities – will not be the same going forward.

Noway’s anti-corruption agency Økokrim has closed an investigation into Sevan Drilling over the company’s drilling contracts won with Petrobras between 2005 and 2008. "Reference is made to the public announcement by Sevan Drilling dated 16 October 2015 regarding Økokrim's investigation of the Company's subsidiary Sevan Drilling ASA in respect of payments made to agents in relation to drilling contracts originally awarded by Petrobras to Sevan Marine ASA in the period between 2005-2008," said a press release from the company. It has been notified that Økokrim today has completed the investigation against Sevan Drilling ASA and the orginal charges have been dismissed.

Singapore-listed ship repair, marine engineering and dry bulk shipping company COSCO Corporation (Singapore) Limited has recorded a net loss of USD 11.7 million in the first quarter of 2016, compared to a net profit of USD 4.2 million in the corresponding quarter of 2015. The deep is attributed mainly to the poor shipbuilding and dry bulk shipping businesses.The group booked lower revenues from shipyard operations and dry bulk shipping. Revenue fell by 27% year-on-year to $716.6 million owing to lower contributions from shipbuilding and dry bulk shipping, partially offset by higher revenue from ship repair. Turnover from dry bulk shipping and other businesses decreased 45.2% to $5.7 million in Q1 2016 on decreased charter rates.

COSCO Corp (Singapore) will refund $26.3 million, or 5 percent of the contract price, plus associated interest to Sevan Drilling by December 1, 2015. Sevan Drilling and Cosco have agreed to exercise the first six-month option to extend the deferral agreement to April 15, 2016. The final delivery instalment has been amended to $447.1 million, representing 85 percent of the $526 million contract price and can be amended further upon the expiration of the option period. The company first announced winning of the contract back in May 2011. In between, the industry went into a down turn that is persisting until now. In October 2014, Sevan and Cosco reached an agreement to extend the delivery date for 12 months…

Norway-headquartered drilling contractor Sevan Drilling and Chinese shipbuilder Cosco Corporation have agreed to delay the end of the first deferral period for cylindrical ultra deep water drilling rig Sevan Developer from 15 October 2015 to 1 November 2015. In May 2011, Sevan Drilling entered into a contract with Cosco for the construction of Sevan Developer, based on the same design as other Sevan Drilling rigs. Under the contract, COSCO was to deliver the rig in October 2014. However, construction was delayed because of lack of equipment from subcontractors. At that time, delivery was put back by a year, with options exercisable at a six-month interval to further extend the delivery date up to a total of 36 months, until October 2017.

In its third quarter 2013 financial report, Seadrill states consolidated revenues were US$1,280 million compared to $1,268 million in the second quarter of 2013, and operating profit for the quarter was US$471 million compared to US$507 million in the preceding quarter. Seadrill explains that the decrease in operating profit is a result of higher operating expenses due to new rigs entering the fleet and higher general and administrative expenses due to the consolidation of Sevan Drilling.

COSCO (Qidong) Offshore Co.,has delivered the third Sevan 650 Ultra-Deepwater Cylindrical Drilling Rig it has built for Sevan Drilling. The Sevan Louisiana, measuring 99 meters in LOA, 75 meters in breadth and 24.5 meters in depth, has a working depth of 3,800 meters and drilling depth of 12,000 meters. The deep water drilling rig and will start the transit to the US Gulf of Mexico, and is expected to commence operation for LLOG Bluewatert owards the end of Q1 2014, following completion of mobilization and certain additional equipment installations.

Up until 2011, Sevan Drilling was part of Sevan Marine, which builds FPSOs. In 2011 Sevan Drilling was separated from Sevan Marine becoming an independent company. Sevan Drilling was established by Sevan Marine in 2006 for the purpose of building state-of-the-art, ultra deepwater drilling rigs based on the Sevan 650 design, commonly known as the bucket design. Later the same year, Sevan Marine completed a private placement for the purpose of financing, in part, its drilling business, and an order for Sevan Driller was placed with China Ocean Shipping (Group) Company (COSCO) in 2007. Sevan Drilling owns and operates two rigs of the cylindrical Sevan design. Both rigs have long-term charter contracts with Petrobras in Brazil for deepwater and ultra-deepwater plays including the pre-salt.

Seadrill's mandatory offer to purchase all of the shares in Sevan Drilling ASA at NOK 3.95 per share has been accepted. Seadrill has received acceptances of the Offer totalling 47,394 shares. At completion of the offer Seadrill will control 297,941,358 shares of Sevan, either through direct ownership or forward contracts, representing 50.11% of all issued shares of Sevan. In accordance with the terms and conditions set out in the Offer Document, settlement according to the Offer will take place as soon as reasonably possible and no later than on September 5, 2013. This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Seadrill announces mandatory offer for all outstanding shares in Sevan Drilling. On June 27, 2013 Seadrill Limited announced that it had acquired 116,934,875 shares in Sevan Drilling ASA  at a price of NOK 3.95 per share and its intention to launch a mandatory offer for all the outstanding shares in Sevan Drilling not owned by Seadrill. They now announce the launch of the Offer  on the terms and conditions set out in the offer document dated July 24, 2013. A cash consideration of NOK 3.95 per share will be offered, equalling the cash offer in the completed Acquisition. The acceptance period commences tomorrow and expires at 16:30 (CET) on August 22, 2013.

Bermuda-based Seadrill Ltd., an offshore driller controlled by billionaire John Fredriksen, is seeking to buy 50.1 percent of Sevan Drilling ASA to veto financing plans for the firm that it says would destroy shareholder value. Seadrill, headquartered in Hamilton, hired DNB Markets to look to purchase as many as 116.9 million shares in Norwegian-based Sevan at 3.95 kroner a share, it said in a statement. The company today [June 26] increased its stake in Sevan, an operator of deep-water drilling rigs, to 30.4 percent, report Bernews, citing statements by Seadrill. The Norwegian operator, Sevan Drilling, which owns two ultra-deepwater drilling units and has two more being built, said June 19 it agreed terms on a $1.45 billion, five-year bank facility.

The Board of directors of COSCO Corporation (Singapore) Limited (the “Company”) refers to the articles which appeared in The Straits Times on 30 June 2012 entitled “Dark clouds over China shipbuilder Cosco Corp” and in Bloomberg on 27 June 2012 entitled “Cosco Singapore is Lowest-Rated Asia Stock on Rig Push”. The Straits Times article mentions that the Company faces possible customer defaults and order cancellations from Europe. The Company recognises that business conditions have remained difficult and this is reflected in the significant drop in the Baltic Dry Index, amongst other things. As such, the Company’s order book may be subjected to revision from the cancellation and rescheduling of orders.

COSCO (Nantong) shipyard delivers offshore drilling rig to Sevan Drilling COSCO (Nantong) Shipyard Co., Ltd, a subsidiary  51% owned by COSCO Shipyard Group Co., Ltd, has delivered its new build Sevan Brasil to Sevan Drilling ASA . The Sevan Brasil semi submersible has a LOA of 99 m with a breadth of 75 m and is 24.5 meters in depth. The rig is scheduled to commence operation under a six year charter contract with Petrobras during second quarter 2012.

The rise and fall of the Brazilian shipbuilding market is well-known, having plummeted from the top of the world list in the early 1980s to the bottom by 1999. Today, Brazil is storming back, an amazing revival of the nearly defunct shipbuilding industry driven by the sudden influx of orders from major offshore oil & gas players, namely Petrobras. Today the shipbuilding market in Brazil has in excess of 100 firm orders for ships in a variety of shapes and sizes, in addition to a large number of drill rigs and production unit orders. In addition, companies from around the globe are flocking to Brazil to set-up shop and engage in the industry’s renaissance.