Transocean Services AS, a wholly owned subsidiary of Transocean, Ltd., has announced an all-cash, voluntary offer for all Aker Drilling ASA shares for NOK 26.50 per share. Aker Drilling’s board unanimously recommended that shareholders accept the offer. The offer price indicates an equity market capitalization of about NOK 7.93 billion, or $1.43 billion, assuming an exchange rate of NOK 5.53 to U.S. $1.00. This represents a 62% premium to Aker Drilling’s 30-day average price of NOK 16.39 per share. Additionally, Aker Drilling has net debt of $0.80 billion. Aker Drilling operates two harsh-environment, ultra-deepwater, sixth-generation semisubmersible rigs currently on long-term contract to Statoil ASA and Det Norske Oljeselskap ASA in Norway. Aker Drilling currently is expected to take delivery in 2013 of two sixth-generation drillships currently under construction at the DSME shipyard in South Korea.
ENSCO has signed contract extensions for two of its Gulf of Mexico jackups. First, Apache Corporation will keep the ENSCO 86 for another 120 days from the end of August. The rig is currently working in South Marsh Island Block 281 under the current term, which began May 1. Arena Energy has agreed to keep the ENSCO 90 for an additional two wells in Matagorda Island Blocks 668/669. The new deal now keeps the rig working through mid-November. The company has also seen two jackups go idle recently. The ENSCO 81 completed its contract in West Delta Block 106 with Walter Oil & Gas while the ENSCO 99 just wrapped up operations in West Delta Block 29 with W&T Offshore. Both rigs are now hot stacked in South Timbalier Block 28. ENSCO also reported it earned a net income of $147 million for the second quarter of 2011 on revenues of $564 million. That compared to a net income of $131.5 million on revenues of $411 million in 2010. For the first six months of 2011, the company had a net income of $227.3 million on revenues of $925.7 million versus net income of $325.4 million on revenues of $860 million for the first six months of 2010.
Diamond Offshore expects to complete its contract in Garden Banks Block 515 with Marathon Oil on August 20, after which semi Ocean Monarch will begin preparations for departure to Vietnam. The rig is scheduled to mobilize in the second half of September for the two-well, 90-day contract with BP starting in December.
Hercules Offshore jackup Hercules 253 completed work for Breton Energy in West Cameron Block 171 and is now under tow to West Cameron Block 38. The rig is expected to be at the stack location briefly before heading to Main Pass Block 59 for 55-70 day contract with Phoenix Exploration. ADTI will turnkey the operations, which consist of a 10-day completion and a 45-day drill well, with a possible following 10-day completion. Meanwhile, Hercules has received a contract from Hall-Houston to take idle jackup Hercules 212 for a 40-day (dry hole) well in High Island Block 205. ADTI will also turnkey the well, which is currently scheduled to begin in late August pending permit approval. The rig had been idle since late May prior to receiving the contract. Jackup Hercules 150 is now scheduled to complete work in East Cameron Block 1 for Hilcorp Energy around August 20. It then will move to Eugene Island Block 28 for a 25-day well with Rooster Petroleum, followed by a 14-day shipyard stay, making the rig next available in late September.