Standard Drilling Extends Letter of Intent with UMW Petropipe
Standard Drilling reports that the previously announced letter of intent with UMW Petropipe (L) Ltd has been extended through the end of January 2007.
The Parties expect to conclude the agreements (share sale agreement, joint venture agreement, shareholder agreement and management agreements in respect of the operations of the jackup rigs) before the end of January 2007.
The announcement from November 9, 2006 called for UMW Petropipe to own 51% rig L201 and L203. The average transaction value of the two rigs is estimated to be approximately US $176.5 million per rig.
- PCPP Nixes Drilling Contract for Naga 2 Jackup Offshore Sarawak (Jul 07)
- Standard Drilling Elects Rune Steen as New CEO in Singapore (May 27)
- UMW, Standard JV Inks 3-Year Deal with PCPP for NAGA 2's Services (Aug 12)
Company: UMW Petropipe (L) Ltd more info
- Standard Drilling & UMW Petropipe Finalize Joint Venture (Jan 23)
- Standard Drilling Extends Letter of Intent with UMW Petropipe (Dec 28)
- Standard Drilling Inks LOI with UMW Petropipe (Nov 08)