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RECENT OFFSHORE RIG ACTIVITY NOTES SAMPLE
Malaysia's UMW Holdings, which is listed on the KL Bursa, has provided a loan of $74.4 million (RM 308 million) to the subsidiary UMW Oil & Gas which owns and operates drilling rigs. According to the terms of the financial assistance, the sum will be used for UMW Oil & Gas's working capital requirements. The intercompany loan is offered at an interest rate of 6-month KLIBOR plus 1.75% per annum with a repayment period of 5 years. The company reported an $89 million loss in 2015 and $16 million for 1Q/2016. UMW Oil & Gas recently won a contract on 31 May for a 2-year firm charter of the UMW jackup Naga 6. The company also has also recently stated it will no longer rely on Petronas to keep its rigs working, and will now seek opportunities outside Southeast Asia. It recently opened an office in Abu Dhabi and are said to be looking for partners in the Middle East to form joint ventures or consortiums.
Market reports indicate Wintershall will keep jackup ENSCO 121 for an additional term that could run from 45 days to as long as 150 days starting in mid-June. Wintershall's exact work program will determine the length of the extension. As previously reported, the operator did have a one-year extension on the rig that will not be exercised and it was thought the rig would be released. The rig has been working on the Ravn Field since July 2015. The jackup was delivered in December 2013 and mobilized to The Netherlands for Wintershall shortly thereafter.
Karoon Gas said its Echidna appraisal drilling campaign off Brazil, scheduled to begin in September, is under review. The 4-well drilling program to be drilled by Queiroz Galvao's MDW semi Olinda Star (3,600'), is to take place in Santos Basin blocks S-M-1037, 1101, 1102, 1165 and 1166. Karoon, the operator with a 65% stake, has issued a default notice in respect of an overdue payment to Joint Venture partner Pacific Exploration and Production Corp., consistent with Karoon's rights under the Joint Operating Agreement.