Sign in
Why are you using WhatsApp?
We have the only messenger dedicated to the industry right here!
Newsfeed, Jobs, Chat, Vendor Network, Crew Creator and Location Services
Subscribe to our mailing list to receive trending oil and gas news!
On behalf of the Board of Directors of Icon (“Board”), KAF Investment Bank Berhad (“KAF IB”) wishes to announce that Icon’s wholly-owned subsidiary, Icon Fleet, had on 2 October 2020, and entered into the following agreements and deed:
memorandum of agreement with PP101 (as seller), OCBC Labuan and a branch of OCBC Singapore (acting as attorney of PP101) and PPTB (as warrantor) for the purchase of the Rig (“MOA”) by the MOA Purchaser;
share sale agreement with PPTB (as vendor) for the purchase of the Sale Shares (“SSA”) by the SSA Purchaser; and
deed of purchase and assignment of intellectual property with PDSB (as assignor), PDHSB and PPTB (collectively as warrantors) for the purchase and assignment of the Assigned Intellectual Property (“Deed of Purchase & Assignment”) by the Assignee, (collectively, “Transaction Documents”), for the Proposed Acquisitions for a total cash consideration of USD 42,545,000.00 to be satisfied entirely in cash upon the terms and conditions as set out in the Transaction Documents. In conjunction with the Proposed Acquisitions, the Company intends to seek its shareholders’ approval to vary the utilisation of proceeds arising from the Rights Issue of Shares with Warrants (as defined herein) previously undertaken by Icon to facilitate the Proposed Acquisitions
Further details on the Proposals are set out in the ensuing sections.
Background information on the Proposed Rig Acquisition
The Proposed Rig Acquisition shall entail MOA Purchaser acquiring 1 unit of jack-up drilling rig registered with the Registrar of Malaysian Ships at Port Klang named “Perisai Pacific 101” and bearing registration no. 335537, International Maritime Organisation (“IMO”) no. 9662538, including but not limited to, all machinery, engines, equipment, tools, supplies, cables, pumps, furniture, anchors, electrical, mechanical, chemical, hydraulic, real properties and improvements and other systems actually located thereon, incorporated therein or attached thereto or relating thereto together with all ancillary assets and/or spare parts or critical spares including the items and equipment identified in the MOA (“Rig”) from the Seller for an adjusted sale price of USD 41,790,000.00 pursuant to the reduction to the sale price of USD 44,245,000.00 (“Sale Price”) subject to the adjustments as stipulated in Section 2 of Appendix I of this announcement, to be satisfied entirely in cash.
The Proposed Rig Acquisition is subject to the terms and conditions of the MOA. Please refer to Appendix I for the salient terms of the MOA.
Source: Bursa Malaysia
We are #1 on Google and Bing for the "Largest Mobile Energy Network"
Come join our community!
Download the Rig Lynx app here
Valaris Limited announced new contracts awarded subsequent to issuing the Company’s most recent fleet status report on February 21, 2023. Three-year contract with Petrobras for drillship VALARIS DS-8. The rig will be reactivated for this contract. The total contract value is approximately $500 million, including a $30 million mobilization fee. 100-day contract with a TotalEnergies affiliate for drillship VALARIS DS-12. The contract is expected to commence in second quarter 2023. 70-day contract with Beach Energy offshore New Zealand for heavy duty modern jackup VALARIS 107. The contract is expected to commence in third quarter 2023. The total contract value is approximately $26 million. President and Chief Executive Officer Anton Dibowitz said, “We are particularly pleased to have secured the award for preservation stacked drillship VALARIS DS-8, for a contract that is expected to generate a meaningful return over the firm contract term, and we remain focused on exercising our operational leverage in a disciplined manner. This most recent award represents the sixth contract awarded to one of our high-quality stacked floaters since mid-2021, and speaks volumes about our demonstrated track record of project execution when reactivating rigs.” Dibowitz added, “Following the reactivation of VALARIS DS-17 and DS-8, we will have ten floaters working across the golden triangle, including four drillships in Brazil, a market where we expect to see continued growth over the next several years.” Updated Guidance As a result of the contract awarded to VALARIS DS-8, which will require the rig to be reactivated from preservation stack, we are updating our first quarter 2023 and full-year 2023 guidance provided on our fourth quarter 2022 conference call on February 21, 2023. First Quarter 2023 Contract drilling expense is expected to increase by approximately $5 million to $385 million to $395 million. Adjusted EBITDA is expected to decrease by approximately $5 million to negative $5 million to breakeven. Adjusted EBITDAR, which adds back one-time reactivation expense, is expected to be $25 million to $30 million, unchanged from the guidance provided on our fourth quarter 2022 conference call. Full-Year 2023 Revenues are anticipated to be $1.8 billion to $1.9 billion, unchanged from the guidance provided on our fourth quarter 2022 conference call. Contract drilling expense is expected to increase by approximately $60 million to $1.49 billion to $1.59 billion. Adjusted EBITDA is expected to decrease by approximately $60 million to $180 million to $220 million. Adjusted EBITDAR, which adds back one-time reactivation expense, is expected to be $280 million to $320 million, unchanged from the guidance provided on our fourth quarter 2022 conference call. Capital expenditures are expected to increase by $60 million to $320 million to $360 million. Source: Valaris Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here
Seadrill Limited announced that the West Neptune has executed approximately six months of term extensions with LLOG Exploration Offshore, L.L.C in the US Gulf of Mexico. The extensions will commence in direct continuation of the existing term, and will keep the rig busy until Q3 2024, furthering Seadrill and LLOG’s long-term association. Total contract value for the extension is approximately $79 million. Source: Seadrill Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here
Semisub rig owner Dolphin Drilling has inked a new contract with Peak Petroleum in Nigeria for its 1974-built Blackford Dolphin. The firm contract, which follows the letter of award in January, gives the Euronext Growth-listed owner of three rigs the potential to extend the unit’s backlog by a minimum of 120 days and up to 485 days. The deal adds to and will be a direct continuation of the previously announced 12-month contract with General Hydrocarbon Limited (GHL). Øystein Stray Spetalen-backed company said the effective dayrate associated with the minimum firm period of the contract is $325,000, including the mobilisation fee. “The final award of the contract for Blackford Dolphin shows the opportunities in Nigeria at a strong dayrate, in addition to building on the backlog for the rig. It also underlines the attractiveness of our assets, and we look forward to returning to revenue-generating operations in 2023,” noted Bjørnar Iversen, CEO of Dolphin Drilling. Source: Dolphin Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here
Why are you using WhatsApp?
We have the only messenger dedicated to the industry right here!
Newsfeed, Jobs, Chat, Vendor Network, Crew Creator and Location Services
Subscribe to our mailing list to receive trending oil and gas news!
Comments (0)