Viking Drilling to Sell SS Viking Century Rig 'As Is Where Is'

Viking Drilling has entered into a letter of intent (LOI) for the sale of the rig SS Viking Century at US $23.5 million. The rig will be sold "as is where is." However, the Board of Directors emphasize that the final sale of the rig is subject to Buyer's completion of inspection, due diligence, the parties agreeing to a final sale agreement and final approval by the US Bankruptcy Court.

Provided all subjects have been lifted, and the parties have entered into a final sale agreement, approved by the Board of Directors, a motion for the approval of the sale of the Viking Century will be filed with the US Bankruptcy Court within the end of October 2008. If the Court approves the motion to sell the Viking Century, the rig will be delivered to the Buyer and settlement will be made before year end 2008. Upon completion of the sale, the Company will book a profit from the transaction.

 

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Maintenance Assistant
Expertise: Maintenance Technician
Location: Denton
 
Maintenance Electronics Technician
Expertise: Maintenance Technician
Location: Denton
 
Equipment Operator
Expertise: Cementing|Coil Tubing|Maintenance Technician
Location: El Reno
 
search for more jobs

Brent Crude Oil : $50.56/BBL 0.15%
Light Crude Oil : $47.7/BBL 0.70%
Natural Gas : $3.05/MMBtu 1.32%
Updated in last 24 hours