KCA Deutag Takes 10% Stake in GGS Barge Rig Acquisition

KCA-Deutag has acquired 10% of the legal entity that will acquire the previously announced 3 tender barge rigs. The acquisition is done on same terms as GGS. GGS is still in the process of both novating the contracts from the oil companies and financing of the transaction. As a result the final leverage level of the tender barges legal entity is not set. GGS expects a USDM 9 investment for the 10% ownership.

GGS has appointed Kjell E. Jensen (59) as EVP Rig Operations in GGS. Kjell has held several positions within the shipping, oil & offshore industry. The last couple of years he has held the position as a project manager for a jack-up upgrade in Singapore for Sinvest ASA.

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