Ability Drilling, TTS Sense Revise Delivery Schedule of Future Rigs
Ability Drilling and TTS Sense has agreed on a revised delivery schedule which is basically in line with principles referred in Ability Drilling's Q3 report.
The agreement includes a right for Ability Drilling to postpone delivery of rig 5-9 up to 18 months. The postponement facilitates high focus on completion of our Drilling Rigs no. 3 and 4, both rigs expected to be delivered in line with Ability Drilling's published schedule in the Q3 report. The planned delivery dates for these rigs will also meet the required commencement dates on contracts awarded to Ability Drilling so far.
Furthermore the agreement allows Ability Drilling to build a track record and improve the basis for future capital raising. The parties have also carried out a general revision of the executed delivery contracts, including adding a standard cancellation clause in accordance with established industry standards.
Hans Petter Eikeland, CEO in Ability Drilling, says, "This gives us the necessary industrial flexibility going forward."
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