4 Mar 2010
CHANGE IN SHAREHOLDINGS IN NEPTUNE MARINE OIL & GAS LIMITED (“NMOG”)
The Company wishes to announce that it had, on 4 March 2010, subscribed for 58,425,255 new shares (“New Shares”) in NMOG pursuant to a preferential offering of new shares undertaken by NMOG to its shareholders. With the New Shares, the Company now holds in aggregate 66,771,720 shares in NMOG, representing 91.31% of the total issued share capital. The total amount paid for the subscription of the New Shares is US$29,212,627.50, which was satisfied from the Company’s internal funds.
USE OF PROCCEDS FROM DISPOSAL OF RESOURCE HOLDINGS LIMITED (“RESOURCE”)
The Company refers to its announcement dated 11 October 2009 with regards to the disposal of its associated company, Resource and wishes to inform that the net proceeds from the disposal of Resource have been fully used to pay for the subscription of the New Shares in NMOG.
BY ORDER OF THE BOARD
5 March 2010
20 Jan 2010
SALE OF THE NEPTUNE DISCOVERER
The Company wishes to announce that its subsidiaries, the Neptune Group of companies (“Neptune
Group”), had on 20 January 2010, sold its drillship the “Neptune Discoverer” pursuant to an agreement
entered into with PetroSaudi International and its subsidiaries (“PetroSaudi”). Concurrent with the sale
of the Neptune Discoverer and with the agreement of Petroleos de Venezuela, S.A. (“PdVSA”), the
drilling contract between the Neptune Group with PdVSA (the “Drilling Contract”) has also been
assigned to PetroSaudi (together with the sale of the drillship, the “Transaction”). The total
consideration for the purchase of the Neptune Discoverer of US$150 million, has been received.
Please click here to download the announcement.
2nd October 2009
DEEPWATER DRILLSHIP NEPTUNE EXPLORER COMPLETES US$340 MILLION UPGRADE
The deepwater drillship Neptune Explorer completed its US$ 340 Million reactivation and upgrade works at the Sembawang Shipyard in Singapore on the 2nd of October. The rig was named at a ceremony on the 2nd of October by Guest of Honour, Ms Grace Fu, Senior Minister of State, Ministry of National Development, and Ministry of Education. The Neptune Explorer is a dynamically positioned deepwater drilling rig with a variable deck load of 7,220 metric tonnes. The rig is equipped to work in water depths up to 5,000 ft.
The overhaul of the drillship included the installation of a new fifth generation drilling package comprising a 1 ½ derrick with an effective pipe handling system which includes offline stand-building capabilities and cyber base control system.
Other upgrades involved a complete overhaul of the marine system as well as the installation of a new power generation system giving a max continuous power output of 25,500 kW, and a new helicopter deck rated for S-92 or equivalent
Sembawang Shipyard, Singapore 2nd of October, 2009
9th September 2009 The Neptune Explorer completed its Sea Trial on 9th September 2009. The sea trials went very well and to the satisfaction of DNV, the Class Authority. In addition to the mandatory speed trails, turning radius and DP trials, most of the drilling equipment was also tested during the sea trials.
The vessel is now back in Singapore, where it will complete commissioning of the BOP and riser tensioning systems, which will take another 3 weeks time. The vessel is then prepared for operations in up to 5,000 ft water depth.
