Singapore-listed Falcon Energy Group Limited (the Company, together with its subsidiaries, collectively referred to as the Group) announced that its indirect subsidiaries, TS Amber Limited and TS Pearl Limited, have entered into two sale and purchase agreements and two novation agreements with COSL Drilling Power Pte Ltd and COSL Drilling Craft Pte Ltd respectively, to novate their rights and obligations under the shipbuilding contracts relating to the design, construction and delivery of the two Gusto MSC CJ46-X100 jackups.
The novation fee payable by COSL Drilling Power Pte Ltd to TS Amber Limited and COSL Drilling Craft Pte Ltd to TS Pearl Limited (as the case may be) for the novation of each shipbuilding contract was arrived at on a "willing buyer willing seller" basis.
Both TS Amber Limited and TS Pearl Limited are wholly-owned by TS Drilling Pte. Ltd. (TS Drilling), an indirect subsidiary of the Company. TS Drilling is a 70 percent-owned subsidiary of FTS Derricks Pte. Ltd., which is 65 percent owned by the Company and 35 percent owned by Cai Wenxing (a director of the Company).
Directors’ and Substantial Shareholders’ Interests
Save as disclosed above and save for the shareholding interests in the Company, none of the directors or substantial shareholders of the Company has any interest, direct or indirect, in the transaction.
These transactions are expected to be positive for the Group for the financial year ending March 31, 2014.
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