Fred. Olsen Energy Proposes to Issue New Equity in Restructuring
Norwegian drillship and rig operator Fred. Olsen Energy, proposes to sell one of its drilling units and to issue $130-140 million in new equity to pay off debt, as part of a refinancing plan published on Tuesday.The proposal includes issuing about $90 million in new loan capital, paying $580 million to settle outstanding secured debt, and converting bond debt into equity.Existing shares of the company will represent approximately one percent of the share capital after the restructuring.The shares…
North Energy’s New Farm-in Well is Spudded
Rex International Holding Limited shared that North Energy ASA, in which the group holds an approximate stake of 5.35 percent, had entered into an agreement with Tullow Oil Norge to acquire a 10 percent stake in PL 507 on 26 June 2014. The agreement is conditional on government approval, and upon completion, the effective date of the acquisition has been set as January 1, 2014. Exploration drilling had begun on July 1, 2014 on the Lupus oil prospect in PL 507 in the North Sea.
