Pride well positioned for deepwater drilling
2008.02.28 -
Company News
In a comment to Pride International's 2007 Results presentation, Louis A. Raspino, President and Chief Executive Officer of Pride International, Inc., commented "We believe our investments in the deepwater market sector are timely, as we continue to witness exceptional activity levels with growing evidence that suggests the strong industry demand for deepwater capacity could remain well beyond 2010. Since the beginning of 2008, we have secured or extended contracts for four rigs representing revenues in excess of $3.3 billion, inclusive of performance bonus opportunities, and totaling 22 rig years.
With the recent contract extensions for the semisubmersible rigs Pride Rio de Janeiro and Pride Portland, we now have earnings visibility to 2017 and our total backlog of contracts is approaching a record $8 billion, before performance bonus opportunities, representing an estimated 140 percent of our current market capitalization. This revenue backlog and the resulting expected cash flow represents a solid financial base to support further growth initiatives and offers the company valuable flexibility as we evaluate and execute strategies that increase shareholder value."
Petroleum Geo-Services ASA ('PGS' or the Company) announced today that it has entered into a definitive agreement to acquire Applied Geophysical Services, Inc. (AGS) for a price of USD 51 million, subject to certain adjustments for changes in working capital. PGS estimates an enterprise value for AGS of approximately USD 46 million. AGS is based in Houston, Texas and specializes in providing advanced depth imaging services. The transaction is expected to close during the course of this week.
Total announces the acquisition of a 40% interest in three exploration permits northeast of Ichthys on the Australian Browse Basin jointly with Inpex (60%, operator). These interests were held by ConocoPhillips. This acquisition is subject to the approval of the Australian authorities.
Rowan Companies, Inc. (NYSE:RDC) announced today that it has entered into contracts with Keppel AmFELS, Inc. for the construction of four Super 116E class jack-ups. The rigs will be built at AmFELS' Brownsville, Texas shipyard, with delivery scheduled at approximately four-month intervals beginning in the second quarter of 2010.
Gaz de France has acquired a 45% stake in the Alam El Shawish West licence in Egypt from Vegas Oil & Gas.
Trico Marine Services, Inc. (NASDAQ: TRMA) ("Trico") and Active Subsea ASA (NOTC: ASUB) ("Active Subsea") today announced that Trico intends to make a voluntary offer for all outstanding shares, options and warrants of Active Subsea.
