Ship Finance to Acquire Drillship
Ship Finance International Limited announced that it has entered into an agreement to acquire the newbuilding ultra-deepwater drillship West Polaris, from a subsidiary of Seadrill Limited. With a total acquisition cost of approximately $850 million, the vessel is expected to be delivered end of June 2008 from Samsung Heavy Industries in South Korea. It will be chartered back to the seller for 15 years on a bareboat basis, fully guaranteed by Seadrill. The Company has received commitments for a $700 million loan facility from a syndicate of leading international banks, and the remaining $150 million will be funded from the Company's available liquidity. West Polaris will be employed initially by Seadrill on a 4 year contract to Esso Exploration Inc., a subsidiary of Exxon Mobil Corporation.
Marine Drilling Companies Reports a Prosperous 2000
Three years ago Marine Drilling Companies weathered a challenging year, posting its first operating lost in four years. Today the company has conquered those challenges, positioning Marine to make the most of a world of opportunities in fiscal 2000. Marine Drilling Companies, Inc. is engaged in offshore contract drilling of oil and gas wells for independent and major oil and gas companies. Operations are conducted in the U.S. Gulf of Mexico and internationally. The company owns and operates a fleet of 17 offshore drilling rigs consisting of five independent leg jack-up units, four of which have a cantilever feature, 10 mat supported jack-up units, five of which have a cantilever feature, and two semi-submersible units.
Esso Exploration Rejects Marine Drilling Rig
Marine Drilling Cos. Inc. announced it tendered its Marine 700 semi-submersible drilling rig to Esso Exploration Inc. for acceptance under their five-year contract, but Esso rejected it in the belief the unit was not ready. Marine Drilling and Esso, a unit of Exxon Corp., are currently holding discussions in an attempt to resolve issues associated with these recent developments. Marine Drilling believed it would meet its July 15 contract deadline. Marine 700 has been under construction at the Ham Marine shipyard in Pascagoula, Miss. It was scheduled to work for Esso in the western Gulf of Mexico under a five-year contract at a daily rental rate of $165,410, plus adjustments.
Marine Drilling: Confident It Can Deliver On Time
Marine Drilling: Confident It Can Deliver On Time Marine Drilling believes it will meet the July 15 contract deadline for the Marine 700 drilling rig but said that there is a risk it will fail. The readiness of the rig has reportedly been questioned by the contractor, Exxon Corp.’s Esso Exploration Inc. unit.
