Two jack-up rigs alternate hands

Vantage Holdings International, a subsidiary of Vantage Drilling International, has bolstered its managed companies by divesting two jack-up rigs, which permit ADES Keeping Company, fragment of Saudi Arabia-headquartered oil and gasoline drilling companies supplier ADES Community, to expand its rig posthaste.

A allotment aquire agreement (SPA)disclosed in September 2024, used to be anticipated to enable ADES to make all of the issued and outstanding equity of Vantage’s wholly-owned subsidiary, Rig Finance (RFL), the owner of the 2009-builtSoehanah375-foot jack-up rig.

As successfully as, an asset aquire agreement (APA) for the firm’s indirectly-held subsidiary, P2021 Rig Co. used to be also confirmed, below which the 2007-builtTopaz Driller375-foot jack-up rig used to be also added to the list of rigs being supplied to ADES.

The sale of each rigs, which embody an aggregate aquire rate of $190 million in money, discipline to sure adjustments, has now been executed. Vantage is convinced that this extra strengthens its space in managed companies and delivers enhanced price to shareholders.

Whereas the Topaz Driller jack-up rig is working within the Malaysia-Thailand joint constructing house, the Soehanah jack-up rig operates in Indonesia. Vantage sees the divestment of these sources as fragment of its strategic focal level on increasing its managed companies industry and declaring a flexible, asset-gentle model that optimizes capital allocation.

Ihab TomaCEO of Vantage Drilling, commented: “This transaction is a most important step in Vantage’s ongoing technique to enhance shareholder price. By strategically selling these shrunk rigs, we now possess shifted to a score money space, permitting us to focal level on increasing our managed companies portfolio, which stays an house of focal level for the firm.

“We are confident this come will extra give a take to our monetary space while providing ongoing, fine quality companies to our purchasers. We are glad to continue our solid partnership with ADES thru this transaction. Southeast Asia is a key market, and the transfer of these rigs will enable ADES to extra its expansion within the keep, while Vantage stays successfully-positioned to grow its asset-gentle companies industry and produce sustainable price to our shareholders.”

The sale of the jack-up duo to ADES follows months after Vantagemade preparationswith TotalEnergies to dump a drillship, which used to be working in Namibia for the French oil main. Meanwhile, ADES has secured several fresh rig presents, including anoffshore drilling assignmentoff the soar of Thailand.