Parker Sells Gulf of Mexico Jackups and Platform Rigs
Parker Drilling
Parker Drilling Company has closed the sale of its jackup and platform rigs in the Gulf of Mexico for net proceeds of approximately $40 million.
Hercules Assets, LLC has agreed to purchase jackup rigs 11J, 15J, 20J, 21J, and 22J and platform rigs 2P, 3P, 10P, and 41P and their related assets. Proceeds from the sale will be used to retire debt.
The sale does not include jackup rigs 14J or 25J. Earlier this year, the Company received insurance proceeds for 14J and applied those proceeds towards debt reduction. The Company is pursuing offers for 25J separate from this transaction.
"We are pleased to move ahead with our asset sales program," said Robert L. Parker Jr., president and chief executive officer. "The increased financial flexibility afforded us due to reduced interest expense will enhance the Company's ability to compete more effectively in our core operations areas, and is a significant step in the process to position us for future growth."
"Looking ahead, we will continue to focus on our return to profitability by increasing utilization of our existing rig fleet and further reducing debt levels and interest expense through additional asset sales and cash flow," Parker concluded.
Hercules Assets, LLC has agreed to purchase jackup rigs 11J, 15J, 20J, 21J, and 22J and platform rigs 2P, 3P, 10P, and 41P and their related assets. Proceeds from the sale will be used to retire debt.
The sale does not include jackup rigs 14J or 25J. Earlier this year, the Company received insurance proceeds for 14J and applied those proceeds towards debt reduction. The Company is pursuing offers for 25J separate from this transaction.
"We are pleased to move ahead with our asset sales program," said Robert L. Parker Jr., president and chief executive officer. "The increased financial flexibility afforded us due to reduced interest expense will enhance the Company's ability to compete more effectively in our core operations areas, and is a significant step in the process to position us for future growth."
"Looking ahead, we will continue to focus on our return to profitability by increasing utilization of our existing rig fleet and further reducing debt levels and interest expense through additional asset sales and cash flow," Parker concluded.
Most Popular Articles
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Rystad Looks at the Buzz Around White Hydrogen
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension