Law Firm Ince & Co Advise on Huge Jack-Up Rig Deal
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.