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Thule Drilling Company News
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Thule Chairman Steps Down
The Chairman of the Board of Thule Drilling AS, Hans Eirik Olav, resigned Friday.
8:00 PM EST | August 23, 2009
Thule Power Successfully Moved from Sharjah Port to QGM Yard
Thule and its cooperation partners in the Middle East are pleased to announce that Thule Power has been successfully moved from the inner anchorage of Sharjah Port to the QGM yard in Hamriyah Free Zone.
8:00 PM EST | June 09, 2009
Thule Drilling Underscores Status Contracts for Thule Power Jackup
Thule Drilling has reported that Royal Oyster will deposit the first installment for the Thule Power jackup pending a decision to release the jackup from Norsk Tillitsmann and bondholders.
8:00 PM EST | April 16, 2009
Noble Denton Withdraws Bankruptcy Petition Against Thule Drilling
Noble Denton has withdrawn its bankruptcy petition against Thule Drilling.
7:00 PM EST | February 04, 2009
Thule Postpones Delivery of Thule Phoenix to Royal Oyster
Thule Drilling has negotiated an addendum to the sale and purchase agreement with Royal Oyster regarding the time of delivery for Thule Phoenix, postponing delivery and payment two months.
7:00 PM EST | February 03, 2009
Thule Power Undergoes Finalization Work in Dubai
The Thule Power drilling rig is currently undergoing finalization work at the MIS yard in Dubai with delivery slated for the end of March.
7:00 PM EST | January 15, 2009
Thule Sells Newbuilding Rigs to UAE-Based Royal Oyster Group
Thule has sold its interest in QGM BVI and its two rigs Thule Energy and Thule Force for $275 million to Royal Oyster Group in Dubai, United Arab Emirates.
7:00 PM EST | December 15, 2008
Thule Finalizes MOU for Sale of Newbuildings
Thule Drilling's MOU with Middle East interests for the sale of the newbuildings and its BVI company holding 49% of the QGM shares has been finalized with the buyer.
7:00 PM EST | November 30, 2008
Thule Drilling Enters MOU for Sale of Thule Energy, Force Jackups
Thule Drilling has entered into an MOU with Middle East interests for the sale of Thule Energy and Thule Force on an "as is, where is" basis, as well as its BVI subsidiary, at a total price of US $300 million.
7:00 PM EST | November 13, 2008
Noble Denton Aims to Resolve Non-Payment Issues with Thule Drilling
Noble Denton has taken every opportunity to resolve non-payment issues amicably with Thule Drilling and will continue to be flexible in this process with the aim of finding a satisfactory solution for both parties.
7:00 PM EST | November 12, 2008
Noble Denton Files Petition for Bankruptcy Proceedings Against Thule
Noble Denton has filed a petition for bankruptcy proceedings against Thule Drilling, which petition has not yet been served to Thule.
7:00 PM EST | November 11, 2008
Thule Changes to Site Supervision for Thule Power Project
Noble Denton has decided to withdraw its limited number of people presently engaged in the completion of Thule Power.
8:00 PM EST | September 14, 2008
MIS Wins Rig Refurbishment Projects, Reports $520MM Backlog
Maritime Industrial Services received several recent rig refurbishment projects worth over $25 million, which brings the amount of rigs currently at MIS' yard to 10. This is the largest number of rigs MIS has ever had at its yard.
8:00 PM EST | August 31, 2008
Thule Inks Agreement with MIS to Complete Jackup
Thule Drilling has entered into an agreement with MIS for the completion of Thule Power. MIS will assist Thule to carry out the completion, testing and commissioning of the drilling and integrated control systems prior to delivery in 4Q 2008.
8:00 PM EST | July 21, 2008
Thule Provides Operations Update
Thule has reached a major milestone with the agreement securing full access to the QGM yard and the rigs. Commissioning work has commenced on Thule Power and the rig will be finalized at the QGM yard.
8:00 PM EST | May 06, 2008
Thule Gains Full Access to Complete Rigs at QGM Yard
Thule reports that a cooperation agreement with QGM and Strategic Alliances Corporation have resulted in the immediate re-opening of the QGM yard in the Hamriyah Free Zone in Sharjah, UAE.
8:00 PM EST | April 27, 2008
Mortensen Picked as Board Member for Thule Drilling
Kristin Mortensen works as a lawyer in Veidekke ASA. She holds several board positions in different companies. She looks forward to contribute to a positive development in Thule.
7:00 PM EST | February 10, 2008
Thule Refinances $9 Million Note
Thule reported the successful refinancing of the USD 9 mill note secured by first priority mortgage in Thule Phoenix. The note matures in the end of August 2008.
7:00 PM EST | February 07, 2008
Saudi Aramco Terminates Thule Power Drilling Contract
On 3 December 2007, Saudi Aramco gave notice to KCA Deutag of its intention to terminate the Thule Power drilling contract on 25 December 2007.
7:00 PM EST | January 09, 2008
Thule Announces $185 Million Sale of Chekovo to Saudi Interests
The Management and Board of Directors of Thule Drilling are pleased to announce the sale of Chekovo Inc, the owning company of Thule Power, to interests in Saudi Arabia.
7:00 PM EST | December 30, 2007
Thule Starts Maintenance Work
Thule Drilling reports that the court appointed guardian entered the QGM yard today and commenced work on Thule's rigs.
7:00 PM EST | December 05, 2007
Saudi Aramco to Terminate Contract for Thule Power
In relation to the drilling contract for Thule Power, Saudi Aramco has tendered a "notice of its intention to terminate the Contract, effective December 25, 2007".
7:00 PM EST | December 02, 2007
Thule Gains Access to Rigs in QGM Yard
The Sharjah House of Justice ruled that the Thule rigs can now be accessed under the supervision of a Court appointed guardian. This neutral guardian is an experienced maritime engineer who will do whatever is required to protect the assets of Thule.
7:00 PM EST | November 25, 2007
Thule Expects Court Ruling on Rig Access Soon
Thule Drilling and the court appointed expert recently completed an inspection of their rigs at the QGM yard. Thule expects a positive ruling following this report, which will allow Thule to enter the rigs with a maintenance team.
8:00 PM EST | October 11, 2007
Thule Granted Limited Access to Its Rigs
Thule Drilling has gained limited access to the yard and its rigs through a court ruling by the Court of Urgent Matters in the UAE.
8:00 PM EST | September 12, 2007
Thule Commences Legal Proceedings Against QGM Group
Thule Drilling ASA confirms that it has commenced legal action against the foreign national shareholders of the QGM Group L.L.C.
8:00 PM EST | July 04, 2007
Thule Tests Jacking System on Thule Power
Thule Drilling has confirmed the successful completion and testing of the "Thule Power"jacking system.
8:00 PM EST | June 25, 2007
Thule Drilling Issues Shares
On May 14, 2007, the Board of Directors of Thule Drillling ASA resolved to issue 16,845,330 new shares in a rights' issue to existing shareholders as of the close of business on May 14, 2007.
8:00 PM EST | May 14, 2007
Thule Drilling Considering Share Issue
In a meeting later today, the Board of Directors of Thule Drilling ASA will consider a proposal for issuing 16,845,330 new shares in a rights' issue to existing shareholders.
8:00 PM EST | May 13, 2007
Delivery Date for Thule Power Extended
In cooperation with its on-site supervision team from Noble Denton and its operations managers, KCA Deutag, Thule Drilling has decided to extend the delivery date for Thule Power jackup to August 31, 2007.
8:00 PM EST | May 09, 2007
Thule's CEO Resigns
Thule Drilling ASA and Thule's Chief Executive Officer Kai Solberg-Hansen have agreed that he shall resign from his position as CEO of Thule.
8:00 PM EST | April 19, 2007
Thule Taps Barden as Ops Chief
Thule Drilling has engaged Colin R. Barden as its Chief Operating Officer.
8:00 PM EST | April 11, 2007
Voluntary Offer on Thule Drilling Withdrawn
Vanguard Oil & Gas has withdrawn its voluntary share offer for Thule Drilling.
8:00 PM EST | April 01, 2007
Thule Board Recommends Against Accepting Vanguard Offer
The Board of Directors of Thule has unanimously decided to recommend to the Company's shareholders not to accept the offer from Vanguard dated March 23, 2007.
8:00 PM EST | March 25, 2007
Vanguard Makes Offer to Purchase All Outstanding Shares in Thule Drilling
Vanguard has decided to make an offer to purchase all outstanding shares in Thule at an offer price of NOK 27.00 per share in cash, which values Thule's equity at approximately NOK 1 billion.
8:00 PM EST | March 22, 2007
Thule Clarifies Reasons for Thule Power Delivery Delay
Thule Drilling wishes to clarify that DD did not cause the damage to the jacking gears and DD was not responsible for the jacking operations or any delays.
7:00 PM EST | March 01, 2007
Thule Power Expected to Leave Shipyard in Mid-May
A complete revision of the plan to complete the rig has recently been concluded. Handover from QGM to Thule Drilling is now scheduled for mid May 2007.
7:00 PM EST | January 16, 2007
Thule Secures Remaining Financing for Jackup Construction
Thule Drilling has received an offer for a US $75 million loan from Fortis Bank to complete the remainder of the required financing for Thule drilling's three jackups under construction at QGM at Hamriyah Freeport, Sharjah, UAE.
7:00 PM EST | November 06, 2006
Thule Power Successfully Loaded Out at the QGM Yard
The load-out of Thule Power is a key milestone in the construction schedule as it precedes a planned six week visit (departing QGM on October 18th) to Dubai Drydocks for new spud cans and leg extensions.
8:00 PM EST | October 12, 2006
Thule Drilling Successfully Completes Bond Placement
Thule Drilling ASA says the placement of a US $130 million bond financing was successfully completed yesterday by Fearnley Fonds.
8:00 PM EST | September 20, 2006
Thule Drilling and QGM Group Enter Loan Agreement
Thule Drilling and QGM have entered into a loan agreement where Thule Drilling provides a US $22 million loan facility to improve QGM's financial standing.
8:00 PM EST | September 05, 2006
Thule Power Awarded 4 Year Contract with Saudi Aramco
Thule Drilling's Thule Power jackup has been awarded a four year contract plus one year option with Saudi Aramco.
8:00 PM EST | July 30, 2006
First Jackup Rigs to be Built in the UAE to be Classed by ABS
ABS has been awarded the contracts for the first jackup drilling rigs to be built in the United Arab Emirates (UAE). A total of four units will be built to ABS standards: two units for Thule Drilling ASA and two units for Mosvold Drilling Ltd.
8:00 PM EST | July 12, 2006
LOI for Thule Power Cancelled
Thule Drilling says the LOI received earlier in the year for the Thule Power did not materialize and contract negotiations have been terminated.
8:00 PM EST | May 01, 2006
Thule Challenge Sold for NOK 273 Million
The Thule Challenge was sold to Atlantic Marine Offshore Services in Dubaifor NOK 273 million.
7:00 PM EST | February 16, 2006
Thule Uses Private Placement to Build Two Jackups
Thule Drilling has made a private placement of 15.75 million shares totaling about US $80 million in new equity to be used to build two new jackups.
7:00 PM EST | January 17, 2006
Thule Drilling Receives LOI for Thule Power
Thule Drilling has received a letter of intent from one of the major national oil companies in the Middle East for the Thule Power jackup.
7:00 PM EST | January 11, 2006
Oslo Stock Exchange Rejects Thule Drilling's Application for Listing
Oslo Stock Exchange has in a Board of Directors meeting on October 26, 2005 rejected the application from Thule Drilling ASA for listing on the SMB-list on Oslo Stock Exchange.
8:00 PM EST | October 26, 2005
Thule Acquires Two Semisub Platforms
Thule Drilling has entered into a firm agreement to acquire the two former semisubmersible drilling rigs Gulfdrill 7 and Atwood's Seascout.
8:00 PM EST | August 25, 2005