Deep Drill Suspends Semisub Negotiations

Deep Drill is suspending contract negotiations with a Malaysian yard to build a semisubmersible drilling rig.

Anticipating that it would soon secure financing for the project from US and European investors, Deep Drill learned on Friday that Malaysia Marine and Heavy Engineering (MMHE) was not ready to enter into a binding contract based on the terms that were previously envisaged.

Given MMHE's latest position, Deep Drill decided that it would be improper to finalize an equity funding until a fully acceptable contract has been entered into. The company said that it will revert to the market with further information as soon as practicably possible.

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