KCA Deutag & Marlin Offshore Purchase Four Tender Rigs

Wayzata Investment Partners, KCA Deutag and Marlin Offshore Marshall Island have formed a joint venture entity, Marlin Offshore International Ltd. (MOIL). MOIL will purchase from Transocean Inc. four tender assist drilling rigs, the WD Kent, Charley Graves, Searex IX and the Searex X.

The purchase of the WD Kent has been completed. The purchase of the remaining three tender rigs is subject to closing conditions, which MOIL expects to complete in the next three months.

The Charley Graves and the Searex X are currently operating in Thailand and Angola, respectively. KCA Deutag will manage the ongoing operation of the rigs as well as the planned activation and upgrade of the stacked rigs, WD Kent and Searex IX. Marlin Offshore Services Inc. will provide commercial and administrative management services. Wayzata Investment Partners along with another capital partner are the majority investors in MOIL.

Wayzata Investment Parnters LLC is manager of long-term funds focusing on opportunities in alternative and private equity investments.

KCA Deutag, a wholly owned subsidiary of Abbot Group is the largest offshore platfrom drilling contractor in the North Sea and world leader in engineering and rig design, construction and operation.

Marlin Offshore Services is a Houston-based energy asset management company specializing in drilling rigs. Its affiliate Marlin Offshore (Malaysia) is located in Kuala Lumpur.

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