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Friday, 05 December, 2008, 17:20 GMT | more >>

Petrojack moves on JackInvest



By Upstream staff 

Norwegian rig player Petrojack has set to seal a $180 million deal to buy all JackInvests's shares and a rig it is building at Singapore's Jurong Shipyard.

JackInvest, which is currently building a premium jack-up drilling rig, due for delivery in December 2008, is 32% owned by Berge Gerdt Larsen.

The deal includes both JackInvest's shares and yard payments for the rig, as well as about $5 million for project management.

The new rig has a similar specification to the three existing Petrojack units.

Pareto Securities will arrange two new bond issues for Petrojack, which will raise funds to pay for the share deal, the rig and payments for the petrojack II rig, which is currently being built.

One bond loan will be issued in US dollars and is expected to raise about $200 million. The second will be issued in Norwegian kroner and should raise in the region of Nkr 500 million ($86 million). Settlement for both bonds is expected by the end of the month. Both loans will mature in 2012.

, and will thus secure long term financing.


Monday, 15 May, 2006, 09:40 GMT  | last updated: Monday, 15 May, 2006, 09:40 GMT

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