Aker Drilling News

Vantage announced the order of its fifth drillship, the Cobalt Explorer, to be built at Daewoo for an August 2015 delivery. The company will issue convertible debt to fund the initial $60 million yard payment. Last night, Vantage announced a construction contract with DSME to build the Cobalt Explorer, which they said will be one of the highest-spec drillships in the global fleet when it is delivered in August of 2015. When the Palladium Explorer is delivered toward the end of 2015 (the Cobalt will actually be delivered earlier) Vantage will have five modern drillships and four high-spec jackups. We believe the company will be just starting to reach the point where a growing scale will lead to increased profitability as fixed costs are spread over a larger number of rigs.

Transocean Ltd. issues fleet update summary, new & changed contracts, OofS times, etc. Total backlog associated with new contracts or extensions since the August 15, 2012 fleet update summary is approximately $1.7 billion. Estimated out of service time for 2012 increased by a net 36 days, primarily due to unexpected repairs on a Harsh Environment semisubmersible. The increase in 2013 estimated out of service time of a net 151 days includes 86 days (57 percent) related to the…

Transocean Ltd. reported a net loss attributable to controlling interest of $6.119 billion, or $18.62 per diluted share, for the three months ended December 31, 2011. The results compare to a net loss attributable to controlling interest of $799 million, or $2.51 per diluted share, for the three months ended December 31, 2010. • New contracts totaling $1.4 billion were secured in the Fleet Status Report period October 17, 2011 through February 14, 2012. • An estimated, non-cash charge of $5.2 billion, or $15.83 per diluted share, resulting from a goodwill impairment associated with the contract drilling services reporting unit. • $1.0 billion…

Transocean Services AS, a wholly owned subsidiary of Transocean Ltd. (NYSE: RIG) (SIX: RIGN), has completed the acquisition of 100 percent of the shares of Aker Drilling ASA ("Aker Drilling") for NOK 26.50 per share. This acquisition further strengthens Transocean's industry leadership position, adding approximately $1 billion in backlog as well as Aker's two harsh environment, semi-submersible drilling rigs and two drillships under construction in Korea. Steven Newman, President and Chief Executive Officer of Transocean Ltd., said, "We are very excited about the opportunities this combination brings, both financially and strategically.

Transocean Services AS ("Transocean" or the "Company"), a wholly owned subsidiary of Transocean Ltd. (NYSE: RIG) (SIX: RIGN), today, after receiving clearance by the Oslo Stock Exchange, launched its all cash voluntary offer (the "Offer") for 100 percent of the shares of Aker Drilling ASA ("Aker Drilling") for NOK 26.50 per share. The Offer has been made on the same terms as the previously announced voluntary offer, except that it has been made on an unconditional basis and with settlement guaranteed by a financial institution. The Offer period begins August 26, 2011 and ends on September 23, 2011 at 11:30 a.m. (EDT), 5:30 p.m. (CEST).

Transocean Services AS, a wholly owned subsidiary of Transocean Ltd. (NYSE: RIG) (SIX: RIGN), announced an all cash voluntary offer for 100 percent of the shares of Aker Drilling ASA for NOK 26.50 per share. The Board of Directors of Aker Drilling has unanimously recommended that its shareholders accept the Offer. On August 14, 2011, Transocean entered into an irrevocable agreement with Aker Capital AS to acquire 41 percent of the outstanding shares of Aker Drilling through (a) the purchase of 14…

Vantage Drilling Company ("Vantage, or the "Company") (NYSE Amex: VTG.U) (NYSE Amex: VTG) (NYSE Amex: VTG.WS) today announced that it has signed a definitive agreement to provide services related to design, construction and commissioning on behalf of Aker Drilling ASA ("Aker Drilling") of two Ultra deepwater drillships being built at Daewoo Shipbuilding & Marine Engineering Co., Ltd. ("DSME") shipyard in Okpo, Korea. The high specification drillships of DSME design will be equipped for dual activity operations in water depths down to 12,000 feet and with drilling depths of 40,000 feet. Furthermore, Aker Drilling has options to construct two additional drillships at DSME and may elect to expand the supervision agreements to include these drillships. Source: MARKET WIRE

A major feat of engineering will be successfully concluded when, by the end of June, Aker Solutions hands over the second of two Aker H-6e drilling rigs to Aker Drilling. Building two of the world's most advanced drilling rigs, tailored to operate in harsh environments, extreme temperatures and in ultra-deep waters caught the attention of the Discovery Channel. The TV channel will broadcast a 60 minute documentary about the Aker H-6e project in 24 European and Asian countries, bringing Aker Solutions' engineering and management expertise to its broadest-ever worldwide audience. The program is scheduled to be aired in Norway on Sunday 28 June at 22:00.

Aker Exploration AS has confirmed a contract for the company's drilling unit, which is scheduled to be operational in October 2008. This is an important contract featuring exciting exploration assignments on the Norwegian Continental Shelf, says Aker Drilling President and CEO Geir Atle Sjøberg. Aker Drilling's sixth-generation, semi-submersible Aker H-6e unit is tailor-made for Norwegian conditions. We will cover the customer's needs for exploration wells anywhere on the Shelf, including deep waters and northern zones. We are contributing to increased exploration activity in Norway. The day rate for the three-year contract period is USD 520,000. The possible total contract value amounts to approximately USD 610 million, or about NOK 3.8 billion.

Aker Kvaerner has recently been awarded contracts for the delivery of advanced mooring systems with a total contract value of $29.5m. The contracts comprise deliveries both to the offshore and marine industry. The work is undertaken by the Aker Kvaerner subsidiary Aker Kvaerner Pusnes in Arendal. The awards include delivery to the two advanced Aker Drilling H6e semi-submersible rigs to be built at Aker Kvaerner Stord and to five deepwater semi-submersible rigs to be built at Jurong's shipyard in Singapore. Manufacturing of the equipment will take place in Europe and Asia. The delivery dates are scheduled from 2007 to 2009.