Kencana, Mermaid Strike Deal for Second Newbuild

In an announcement to Bursa Malaysia Bhd, AmInvestment Bank Berhad said that Kencana Petroleum Ventures Sdn Bhd (KPV) and Mermaid Drilling (Singapore) Pte Ltd on Tuesday signed a letter of agreement confirming the terms and conditions for the proposed design, construction, and completion of a second newbuild self-erected tender rig and derrick equipment set (KM-2).

KPV and Mermaid agreed to the following:

--Mermaid exercises the option to purchase KM-2 from Kencana HL Sdn Bhd (Kencana HL) pursuant to the purchase option in a contract that Mermaid Kencana Rig 1 Pte Ltd (MKR1) and Kencana HL signed on Oct. 22, 2007; and
--KM-2's first client is in Malaysia.

Provided that the above conditions are satisfied, KPV and Mermaid will incorporate a new company--MKR2--in Singapore to jointly own KM-2.

For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Fluids Plant Operator
Expertise: Maintenance Technician|Mud Engineer / Drilling Fluids|Refinery / Plant Operator
Location: Monahans, TX
 
Nitrogen Transport Driver
Expertise: Heavy Machinery Operator|Truck / HGV Driver
Location: Dayton, OH
 
Nitrogen Operator
Expertise: Maintenance Technician|Production Operator|Truck / HGV Driver
Location: Odessa, TX
 
search for more jobs

Brent Crude Oil : $56.86/BBL 0.76%
Light Crude Oil : $50.66/BBL 0.21%
Natural Gas : $2.959/MMBtu 0.30%
Updated in last 24 hours