Nyheter for Rowan Drilling Norway AS

Fjerning av aksje: Rowan Drilling Norway AS (SKDP)

Corporate actions

2010-09-30 16:33:22

Rowan Drilling Norway AS (ISIN:NO0010357320, ticker SKDP) er fjernet fra handelsstøttesystemet

SKDP - Rowan Drilling AS - fjernes fra OTC-listen

Company news

2010-09-29 14:29:55

Denne meldingen er publisert av Norges Fondsmeglerforbund. Det vises til melding publisert av selskapet 28. september hvor aksjene i Rowan Drilling AS (tidligere Skeie Drilling & Production ASA) vil bli tvangsinnløst i Rowan Drilling (Gibraltar) Limited. Selskapet vil derfor bli fjernet fra OTC-listen etter OTC-systemets stengetid i morgen, torsdag 30. september.

Endring av aksje: Skeie Drilling & Production ASA (SKDP)

Corporate actions

2010-09-28 16:15:30

Det er foretatt endringer i Skeie Drilling & Production ASA (ISIN:NO0010357320, ticker SKDP). Navnet Skeie Drilling & Production ASA har endret navn til Rowan Drilling Norway AS.

SKDP - Skeie Drilling & Production ASA - Compulsory Acquisition

Company news

2010-09-28 09:24:34

Please view the attached document.

SKDP - Extraordinary general meeting hold in Skeie Drilling & Production ASA

Company news

2010-09-22 12:46:04

An extraordinary general meeting was hold on 22 September in Skeie Drilling & Production ASA. Please find enclosed the Minutes of the general meeting.

SKDP - Avholdt ekstraordinær generalforsamling i Skeie Drilling & Production ASA

Company news

2010-09-22 12:38:21

Den 22. september ble det avholdt ekstraordinær generalforsamling i Skeie Drilling & Production ASA. Protokoll fra generalforsamlingen ligger vedlagt.

SKDP - Skeie Drilling & Production ASA - Notice to shareholders

Company news

2010-09-22 08:55:21

The boards of Skeie Drilling and Production ASA ("SKDP") and SKDP 1 Ltd, a wholly owned subsidiary of SKDP, ("SKDP 1") have resolved to enter into negotiations with a subsidiary of Rowan Companies, Inc. (the "Rowan Subsidiary") for:

(i) the sale by SKDP to the Rowan Subsidiary of the shares of SKDP 1; or

(ii) the sale by SKDP 1 to the Rowan Subsidiary of the jack up rig to be delivered to SKDP 1 by KEPPEL FELS Limited yard in Singapore on or about 29 September 2010,

together and in either case the "Proposed Transaction". If completed as contemplated the Proposed Transaction would trigger an obligation for:

(a) SKDP 1 Ltd. to repay the outstanding bonds under the bond loan agreement between SKDP 1 Ltd. and Norsk Tillitsmann ASA on behalf of the bondholders in the bond issue "12 per cent SKDP 1 Ltd. Senior Secured Callable Bond Issue 2010/2017", ISN NO 0010574833 (the "SKDP 1 Bond Loan Agreement"), plus accrued interest on the redeemed amount; and

(b) SKDP to repay the outstanding bonds under the bond loan agreement between SKDP and Norsk Tillitsmann ASA on behalf of the bondholders in the bond issue "11.25% Skeie Drilling and Production ASA Callable Bond Issue 2007/2013 dated 20 February 2007, ISIN NO 001 0353683, as amended and restated by the agreement between the Company and Norsk Tillitsmann ASA on behalf of the bondholders on 15 July 2010, plus accrued interest on the redeemed amount.

SKDP 1 has already notified Norsk Tillitsmann ASA of the Proposed Transaction, and the subsequent repayment of the SKDP 1 Bond Loan Agreement.

21 September 2010

SKDP - Skeie Drilling & Production ASA - press release

Company news

2010-09-17 09:40:43

Please view the attached press release.

SKDP - Completion of share purchase agreement

Company news

2010-09-15 08:58:30

Reference is made to the press releases from Skeie Drilling and Production ASA ("SKDP") of 1 and 19 July 2010 relating to the share purchase agreement between Skeie Technology AS, Skeie Tech Invest AS, Wideluck Enterprises Limited and Rowan Companies, Inc. dated 1 July 2010 (the "Agreement"). Reference is also made to the notification issued by Skeie Tech Invest AS and Skeie Technology AS on the OTC information system on 1 July 2010 relating to tradings of large shareholdings and transfers of voting rights.

SKDP has been informed that the transfers of SKDP shares to Rowan Companies, Inc. contemplated by the Agreement, being 420,374,074 SKDP shares from Skeie Technology AS, 190,500,000 SKDP shares from Skeie Tech Invest AS, and 381,461,493 SKDP shares from Wideluck Enterprises Limited, were completed on 14 September 2010.

SKDP - Notice of Extraordinary General Meeting

Company news

2010-09-07 10:19:01

Attached is the Notice of Extraordinary General Meeting in Skeie Drilling & Production ASA.

SKDP - Innkalling til ekstraordinær generalforsamling

Company news

2010-09-07 10:16:13

Vedlagt er innkalling til ekstraordinær generalforsamling i Skeie Drilling & Production ASA.

SKDP - 2nd Quarter 2010 Report

Company news

2010-08-31 16:06:22

SUMMARY OF MAIN EVENTS
* The Company's construction program of three N-Class drilling rigs at Keppel FELS Shipyard in Singapore is progressing in accordance with the contracted schedule.
* The board considers the market outlook for the Company's drilling rigs to be positive and the Company is currently pursuing several marketing leads.
* The Company completed a USD 30 million share issue In April, 2010 and its subsidiary SKDP 1 Ltd. completed a USD 225 million bond issue in May, 2010.

FINANCIAL INFORMATION
The financial statements for the 2nd Quarter 2010 and the first half year of 2010 have been prepared in accordance with International Financial Reporting Standards (IFRS).
The board expects that the Group will have no substantial revenue prior to the first rig becoming operational, expected in early 2011.
The operating results for the 2nd Quarter 2010 was a loss of USD 3.5 million and a loss of USD 7.6 million for the first half year 2010. The costs are mainly related to marketing, administration and part of preparation for operation of the rigs.
Net result for the 2nd Quarter 2010 was a loss of USD 8.1 million and a loss of USD 13.2 million for the first half year of 2010.
Interest income and expenses related to the Bonds for construction of the three jack-up rigs are capitalized under construction contract in the Group Balance Sheet. The remaining interest income and expense are expensed in the P&L statement.
As of 30 June 2010, the total assets were USD 663.6 million of which capital work in progress on the jack-up units represented USD 392.6 million.
Initial project costs and project management costs have been capitalized.
At the end of the 2nd Quarter 2010 the Group had a total cash balance of USD 268.6 million of which USD 219.0 million was escrowed while the remaining USD 49.6 million was in unrestricted cash. The escrowed cash will be used to pay the last instalment to the yard at delivery of the first rig. The equity amounted to USD 166.5 million as of end of June 2010.
In May 2010 the Group successfully completed a new senior bond issue amounting to USD 225 million in order to fund delivery of the first rig. In addition the Company in April 2010 completed a successful share issue with gross proceeds of about USD 30 million. The net proceeds will be used to fund working capital, operating expenses and mobilization costs for the first rig.

CONSTRUCTION PROGRAM
The company's construction program of three N-Class drilling rigs at Keppel FELS Shipyard is progressing in accordance with the contracted schedule.

MARKET CONDITIONS
The board considers the market outlook for the Company's drilling rigs to be positive and the Company is currently pursuing several marketing leads.

SIGNIFICANT EVENTS POST 30TH JUNE, 2010
On 1st July, 2010 the Company announced that Skeie Technology AS, Skeie Tech Invest AS and Wideluck Enterprises Limited had, on the same date, entered into a Share Purchase Agreement with Rowan Companies, Inc. ("Rowan") for the sale of their shares in Skeie Drilling & Production ASA.
The Agreement became binding on the parties on 19th July, 2010 when Rowan announced that its board of directors had approved the Agreement.
In August, 2010 Rowan announced that it had entered into agreements to acquire additional shares of the Company and has announced that by 24th August, 2010 it had acquired or agreed to acquire 69,9 % of the total numbers of outstanding shares in the Company.
On 24th August 2010 Rowan issued an offer to acquire all remaining outstanding shares of the Company on the same terms that Rowan has agreed as a consideration for the before-mentioned transactions - the offer period expires on 14th September, 2010, subject to extension.

Kristiansand, 31st August, 2010

The Board of Directors
Skeie Drilling & Production ASA

SKDP - Skeie Drilling & Production ASA - notice to shareholders

Company news

2010-08-25 09:55:23

Please view the attached document.

SKDP - Notice to SKDP shareholders

Company news

2010-08-24 09:40:48

As set out in the press releases from Skeie Drilling and Production ASA ("SKDP") on 1 and 19 July 2010, Skeie Technology AS, Skeie Tech Invest AS and Wideluck Enterprises Limited entered into an agreement with Rowan Companies, Inc. ("Rowan") on 1 July 2010 for the sale of their shares in SKDP (the "Transaction")

The agreed sale by Skeie Technology AS and Skeie Tech Invest AS of their SKDP shares to Rowan triggers the tag-along rights set out in section 8 of SKDP's Articles of Association (the "Tag-Along Rights"). Accordingly, Skeie Technology AS and Skeie Tech Invest AS submitted to the board of SKDP a tag-along notice in connection with the transaction on 23 August 2010. On this background, and in accordance with section 8 of the Articles of Association, the board will today send a notice to the SKDP-shareholders setting out the details of the Transaction (the "Board's Notice").

To facilitate a simplified procedure for the SKDP shareholders' sale of SKDP shares to Rowan, Rowan has offered to acquire all the issued and outstanding shares of SKDP in a public offer (the "Exchange Offer"). The terms and conditions of the Exchange Offer are set out in an offer document and information memorandum (the "Offer Document") which will be distributed to the SKDP-shareholders today together with the Board's Notice.

SKDP refers to Board's Notice and the Offer Document for further information on the Transaction, the shareholders' tag-along rights and the Exchange Offer. The Board's Notice and the Offer Document are available at the Company's home page at www.skeiedrilling.com

SKDP - Skeie Drilling & Production ASA - notice to shareholders

Company news

2010-08-20 15:49:41

Please view the attached document.

SKDP - Skeie Drilling & Production ASA - notice to shareholders

Company news

2010-08-05 09:08:51

Please view the attached document.

SKDP - Extraordinary general meeting in Skeie Drilling & Production

Company news

2010-07-20 14:27:49

Please find enclosed Minutes of the extraordinary general meeting held 20 July 2010.

SKDP - Avholdt ekstraordinær generalforsamling

Company news

2010-07-20 14:25:57

Den 20. juli 2010 ble det avholdt ekstraordinær generalforsamling i Skeie Drilling & Production. Protokoll fra generalforsamlingen ligger vedlagt.

SKDP - Anmodning om ikke å handle er opphevet

Company news

2010-07-19 15:13:01

Anmodning om ikke å handle er opphevet. Det vises til melding fra selskapet.

SKDP - Trading of large shareholding and transfer og voting rights

Company news

2010-07-19 15:05:59

As set out in the press releases from Skeie Drilling and Production ASA ("SKDP") and Rowan Companies, Inc. ("Rowan") on the same date, Skeie Technology AS, Skeie Tech Invest AS and Wideluck Enterprises Limited entered into an agreement (the "Agreement") with Rowan on 1 July 2010 for the sale of their shares in SKDP.

The Agreement was initially subject to satisfactory due diligence and approval by Rowan's Board of Directors. On 19 July 2010, Rowan confirmed that these conditions had been satisfied. The Agreement is therefore now binding on the parties.

According to the Agreement, the voting rights related to the SKDP shares of Skeie Technology AS and Skeie Tech Invest AS will remain with the sellers until the shares have been transferred to Rowan. However, Skeie Technology AS and Skeie Tech Invest AS have given Rowan proxies to vote for their shares, being 420,374,074 shares (19.78%) in the case of Skeie Technology AS and 190,500,000 shares (8.97%) in the case of Skeie Tech Invest AS in future general meetings in SKDP, effective from (and including) 20 July 2010. Upon completion of the Agreement, the shareholdings of Skeie Technology AS and Skeie Tech Invest AS will be reduced from 420,374,074 shares (19.78%) and 190,500,000 shares (8.97%) respectively, to 0 shares ( 0%).

Skeie Tech Invest AS is a subsidiary of Skeie Technology AS, a company controlled by Skeie Consultants AS, which in turn is controlled by Bjarne Skeie, a board member of SKDP. As set out above, Rowan has been given proxies to vote for all of the shares in SKDP controlled by Skeie Technology AS, Skeie Consultants AS and Bjarne Skeie directly and indirectly, being a total of 610,874,074 shares (28.75%), effective from (and including) 20 July 2010. The total number of shares controlled by Bjarne Skeie, Skeie Consultants AS and Skeie Technology AS will be reduced from 610,874,074 shares (28.75%) to 0 shares (0%) upon completion of the Agreement.

Kristiansand, 19 July 2010

SKDP - Confirmation of share purchase agreement

Company news

2010-07-19 15:04:53

As set out in the press releases from Skeie Drilling and Production ASA ("SKDP") and Rowan Companies, Inc. ("Rowan") on the same date, Skeie Technology AS, Skeie Tech Invest AS and Wideluck Enterprises Limited entered into an agreement (the "Agreement") with Rowan on 1 July 2010 for the sale of their shares in SKDP (the "Transaction").

The Agreement was initially subject to satisfactory due diligence and approval by Rowan's Board of Directors. On 19 July 2010, Rowan confirmed that these conditions had been satisfied. The Agreement is therefore now binding on the parties.

Pursuant to the Agreement, Rowan will tender for all of the shares in SKDP on the same terms as set out in the Agreement, which means that Rowan will issue 5,741.67 shares of its common stock for every 1 million ordinary shares of SKDP. This exchange ratio is based on an SKDP equity valuation of 1 Norwegian Kroner (NOK) per share, a Rowan stock price of USD 27.30 per share and a NOK/USD exchange rate of 6.38. The tender offer will be presented before completion of the Transaction, and the Transaction and the tender offer will be carried out in accordance with article 8 of the articles of association of SKDP.

Rowan Companies, Inc. is a major provider of international and U.S domestic contract drilling services. Rowan also owns and operates a manufacturing division that produces equipment for the drilling, mining and timber industries. Rowan's stock is traded on the New York Stock Exchange. Common Stock trading symbol: RDC. For more information on Rowan, please visit www.rowancompanies.com. The press release published by Rowan today is attached hereto.

For further information, please contact Tomas Norrby, CEO Skeie Drilling & production ASA,
tel. + 47 90 55 76 39

Kristiansand, 19 July 2010

SKDP - Skeie Drilling & Production ASA - oppfordring til ingen handel i selskapet

Company news

2010-07-19 09:02:57

Denne meldingen er publisert av Norge Fondsmeglerforbund, som på vegne av selskapet oppfordrer til at ingen handler i selskapet inntil nærmere informasjon er gitt. Melding om dette vil bli publisert i systemet i løpet av dagen.

SKDP - Notice of Extraordinary General Meeting

Company news

2010-07-06 10:52:13

Attached is the Notice of Extraordinary General Meeting in Skeie Drilling & Production ASA.

SKDP - Innkalling til ekstraordinær generalforsamling

Company news

2010-07-06 10:47:30

Vedlagt er innkalling til ekstraordinær generalforsamling i Skeie Drilling & Production ASA.

SKDP: Anmodning om ikke å handle er opphevet

Company news

2010-07-01 15:33:40

SKDP: Anmodning om ikke å handle er opphevet. Det vises til melding fra selskapet

SKDP - Press Release

Company news

2010-07-01 15:12:10

Skeie Technology AS, Skeie Tech Invest AS and Wideluck Enterprises Limited have today entered into a Share Purchase Agreement (the "Agreement") with Rowan Companies, Inc. ("Rowan") for the sale of their shares in Skeie Drilling & Production ASA ("SKDP"). Rowan will issue 5,741.67 shares of its common stock for every 1 million ordinary shares of SKDP. This exchange ratio is based on an SKDP equity valuation of 1 Norwegian Kroner (NOK) per share, a Rowan stock price of USD 27.30 per share and a NOK/USD exchange rate of 6.38. Rowan will as part of the Agreement tender for the remaining SKDP shares on the same terms. The Agreement is subject to satisfactory due diligence and approval by Rowan's Board of Directors, both of which must occur by July 19, 2010 or the Agreement will terminate.
An extraordinary general meeting will be called on 20 July 2010 in order to elect new board members nominated by Rowan.
Rowan Companies, Inc. is a major provider of international and U.S domestic contract drilling services. Rowan also owns and operates a manufacturing division that produces equipment for the drilling, mining and timber industries. Rowan's stock is traded on the New York Stock Exchange. Common Stock trading symbol: RDC. For more information on Rowan, please visit www.rowancompanies.com. The press release published by Rowan today is attached hereto.
Contact person: Tomas Norrby, CEO Skeie Drilling & Production ASA,
tel. + 47 90 55 76 39
Kristiansand, 1 July 2010

SKDP: Anmodning om å ikke handle

Company news

2010-07-01 09:39:36

Denne melding er lagt ut av Finfo:
Det anmodes om at det ikke handles i aksjen inntil ny melding er lagt ut i meldingssystemet.

SKDP - Annual general meeting in Skeie Drilling & Production ASA

Company news

2010-06-22 14:12:31

Please find enclosed the Minutes of the annual general meeting held 22 June 2010

SKDP - Avholdt ordinær generalforsamling i Skeie Drilling & Production ASA

Company news

2010-06-22 14:02:56

Den 22. juni ble det avholdt ordinær generalforsamling i Skeie Drilling & Production ASA. Protokoll fra generalforsamlingen ligger vedlagt.

SKDP - Complete Financial Report 2009

Company news

2010-06-09 09:35:07

Attached is the complete financial report for 2009

SKDP - Innkalling til ordinær generalforsamling

Company news

2010-06-09 09:29:51

Vedlagt er innkalling til ordinær generalforsamling.

SKDP - Notice of Annual General Meeting

Company news

2010-06-09 09:27:38

Attached is the Notice of the Annual General Meeting.

Endring av aksje: Skeie Drilling & Production ASA (SKDP)

Corporate actions

2010-06-08 15:00:31

Det er foretatt endringer i Skeie Drilling & Production ASA (ISIN:NO0010357320, ticker SKDP). Aksjebeholdningen er øket fra 1 916 582 089 til 2 124 817 383. Emisjonsverdien er øket fra 958 291 045 til 1 806 094 776.

SKDP - Announcement of 1st Quarter 2010 results

Company news

2010-06-07 10:07:11

SUMMARY OF MAIN EVENTS
* The company's construction program of three N-Class drilling rigs at Keppel FELS Shipyard in Singapore is progressing in accordance with the contracted schedule.
* Market outlook improved in late 2009 and early 2010 and the company is currently pursuing several concrete leads. The company is encouraged by the fact that drilling and drilling & production requirements that call for the capabilities of an N-Class or similar unit are beginning to re-emerge in the market.
* The company completed a USD 30 million share issue In April 2010 and its subsidiary SKDP 1 Ltd. completed a USD 225 million bond issue in May 2010.

FINANCIAL INFORMATION
The financial statements for the 1st Quarter ending 31st March 2010 have been prepared in accordance with International Financial Reporting Standards (IFRS).
The board expects that the Group will have no substantial revenue prior to the first rig becoming operational.
The operating result for the 1st Quarter 2010 was a loss of USD 4.0 million, compared with a loss of USD 2.1 million in the first quarter 2009. The main reason for the increased loss in 1st Quarter, 2010 is that the Group has increased its spending related to marketing and operational readiness..
Net result for the 1st Quarter 2010 was a loss of USD 5.2 million compared to a loss of USD 2.7 million for the same period in 2009.
Interest income and expenses related to the Bonds for construction of the three rigs are capitalized under construction contract in the Group Balance Sheet. The remaining interest income and expenses are expensed in the P&L statement.
As of 31 March 2010, the total assets were USD 406.7 million of which capital work in progress on the jack-up units represented USD 375.7 million.
Initial project costs and project management costs have been capitalized.
At the end of the 1st Quarter 2010 the Group had a total cash balance of USD 30.2 million (all non-restricted). The equity totalled USD 145.7 million.
In May 2010 the Group successfully completed a new senior bond issue of USD 225 million to finance delivery of the first rig. In April 2010, the Company completed a successful share issue with gross proceeds of approximately USD 30 million. The net proceeds are intended to be used , i.a., to fund working capital, operating expenses and mobilization costs.

CONSTRUCTION PROGRAM
The company's construction program of three N-Class drilling rigs at Keppel FELS Shipyard is progressing in accordance with the contracted schedule.

MARKET CONDITIONS
The general market outlook for the drilling industry remains positive with an oil price that has traded in excess of USD 70 during the quarter.
Drilling programs on the Norwegian Continental Shelf that have been on hold are being re-evaluated and the company is now pursuing several specific leads in this region - for both development and exploration programs.
The company is also pursuing international opportunities for rig employment where the N-Class rigs' unique capabilities (harsh environment, combined drilling & production, drilling and water depth) provide a competitive advantage.
As yet, the impact of the BP incident in the Gulf of Mexico is unquantifiable and while we now see clear indications of a recovery of drilling activity in the company's targeted market segments, the board remains cautious as to the timing of a sustained recovery and measures to accommodate further delays in drilling demand are continuously being considered.

Kristiansand, 7 June 2010


The Board of Directors
Skeie Drilling & Production ASA

SKDP - Successfully completed bond issue

Company news

2010-05-11 08:28:30

Skeie Drilling & Production ASA has successfully completed a new 1.priority secured bond issue through its wholly owned subsidiary SKDP 1 Ltd.

The total gross amount raised under the new bond issue is USD 225 million. The net proceeds from the offering shall inter alia be employed to finance the last yard installment for the company's first N- class jackup rig, currently under construction at KFELS in Singapore.

The bonds will carry a coupon rate of 12.0% payable annually, and matures in 2017.

Settlement is expected ultimo May 2010.

Pareto Securities AS acted as sole manager for the bond issue.

For further information, please contact;

Tomas Norrby, CEO
Telephone: +47 90557639

SKDP - Ekstraordinary general meeting in Skeie Drilling & Production ASA

Company news

2010-05-07 09:50:36

Please find enclosed Minutes of the Extraordinary General Meeting held on 6 May 2010.

SKDP - Notice of Extraordinary General Meeting

Company news

2010-04-23 09:22:57

Attached is notice of extraordinary general meeting.

SKDP - Innkalling til ekstraordinær generalforsamling

Company news

2010-04-23 09:21:19

Vedlagt er innkalling til ekstraordinær generalforsamling.

SKDP - PRIVATE PLACEMENT SUBSTANTIALLY OVERSUBSCRIBED

Company news

2010-04-21 08:57:32

Kristiansand, 21 April 2010: Skeie Drilling & Production ASA ("SKDP" or the "Company" - OTC: SKDP),

Skeie Drilling & Production ASA is pleased to announce that its USD 30m Equity Private Placement was heavily oversubscribed.

Mr Bjarne Skeie, the SKDP founder, chairman and core shareholder, says: "We are extremely pleased to see the strong interest and support among our current shareholders, bondholders and new institutional investors."


Pareto Securities AS acts as Sole Manager to the completed Equity Private Placement as well as the upcoming 1.pr bond issue.



Kristiansand, 21 April 2010
Skeie Drilling & Production ASA

SKDP - Contemplated share issue

Company news

2010-04-20 17:34:00

SKDP TO FULLY FUND RIG 1

Kristiansand, 20 April 2010: Skeie Drilling & Production ASA ("SKDP" or the "Company" - OTC: SKDP),

Skeie Drilling & Production ASA has retained Pareto Securities AS ("Sole Manager") to advice on and effect a potential private placement of shares with gross proceeds in the amount of up to USD 30 million directed towards large existing shareholders in the Company, Norwegian investors and to international institutional investors outside such jurisdictions as permitted or catered for by exemption rules under applicable securities laws (the "Private Placement").

The subscription price in the Private Placement has been set to NOK 0.85 per share. Based on the subscription price the contemplated Private Placement will consist of up to 208,235,294 new shares, each with a nominal value of NOK 0.10, equivalent to approximately 10.9% of the existing number of outstanding shares prior to the Private Placement. Minimum subscription is NOK 500,000.

Prior to launch SKDP has received subscription for new shares from its two largest shareholders, Skeie Group and Wideluck Enterprises Limited, for a total of USD 10 million.

Net proceeds will be used to take delivery of our first N-Class rig, SKDP 1, and to fund working capital, operating expenses and mobilisation costs post delivery, as applicable. SKDP 1 is scheduled for delivery from Keppel FELS on or about 29 September 2010.

Furthermore, SKDP is contemplating a USD 225m secured bond issue to secure take-out financing of SKDP 1. The new bond issue will be issued through the Company's wholly owned subsidiary SKDP 1 Ltd pursuant to the carve out provisions and other relevant provisions in the existing SKDP 2.priority bond loan agreement related to this rig. Pareto Securities AS has been retained as advisor and sole manager of the contemplated bond issue.

Following the Equity private placement and the contemplated 1.priority bond issue, SKDP 1 will be fully funded to take delivery of the rig, enabling the company to pursue the various employment opportunities identified based on SKDP 1 being fully funded. SKDP is currently pursuing several concrete leads with oil companies both in Norway and internationally and we are confident to secure employment ahead of our scheduled rig deliveries.

The subscription period will commence today (20 April 2010) at 17:30 CET and close on 21 April 2010 at 08.30 CET. The Company may, however, at any time resolve to close or extend the book building period at its own discretion, but in no event earlier than 20 April 2010 at 19:00 CET.

The Private Placement is conditional upon the extraordinary general meeting in the Company scheduled to be held on or about 5 May 2010 (the "EGM") approving the share capital increase. Notice for EGM will be sent on or about 21 April 2010.



Kristiansand, 20 April 2010
Skeie Drilling & Production ASA

SKDP - Skeie Drilling & Production announces 4th Quarter and 2009 preliminary results

Company news

2010-02-22 10:46:23

4TH QUARTER 2009 - SUMMARY OF MAIN EVENTS
* The company's construction program of three N-Class drilling rigs at Keppel FELS Shipyard in Singapore is progressing in accordance with the contracted schedule.
* Market outlook continues to improve and the company is currently pursuing several concrete leads in Norway and internationally. The company is encouraged by the fact that drilling and drilling & production requirements that call for the capabilities of an N-Class unit are again entering the market place.
* As previously announced, the company released the original bank consortium from its financing commitment for the take-out financing in December. The company is currently discussing its take-out funding requirements with interested banks as well as other funding sources. The bank debt and capital markets have improved and the company remains optimistic that the required take-out funding will be available as required prior to delivery.

FINANCIAL INFORMATION
During the first part of 2009, the company negotiated with its bondholders and a successful restructuring process was completed in July (see note no. 4). The company's three jack-up rigs were as of December 2008 written down to the then prevailing market value.
In accordance with the accounting principles used by the company (IFRS) the remission of debt, currency moves (USD/NOK) in connection with the write down of the convertible bond loan and mark to market impact of financial derivatives, have been booked through the profit and loss account. Also in accordance with IFRS, the interest benefit of the bondholders' 18 months interest free period has been booked as profit in the P & L account thus reducing the face value of the bondholders' loan.
The above-mentioned items booked as income in the P & L account together with costs related to management of the companies (SKDP and its subsidiaries), have resulted in an operating profit of MUSD 313.6 for the whole year 2009. The operating result for the 4th Quarter 2009 was minus MUSD 2.7. The net result for the 4th Quarter shows a profit of MUSD 0.9 and for the whole year 2009 a profit of MUSD 321.2.
The board expects that the company will have no substantial revenue until the first rig becomes operational.
Interest income and expenses related to the bonds for construction of the rigs are capitalized in the company's balance sheet.
As of 31 December 2009, the total assets were MUSD 409.2 of which work in progress on the jack-up units represented MUSD 323.4.
Initial project costs and project management costs have been capitalized.
At the end of the 4th Quarter 2009 the company had a total cash balance of MUSD 80.9 of which MUSD 40.7 was unrestricted cash.

CONSTRUCTION PROGRAM
The company's construction program of three N-Class drilling rigs at Keppel FELS Shipyard is progressing well and in accordance with the contracted schedule.

MARKET CONDITIONS
The general market outlook for the drilling industry continued to improve in the fourth quarter with high oil price and a positive global business sentiment.
Drilling programs on the Norwegian Continental Shelf, that have been on hold, are being re-evaluated and the company is now pursuing several specific leads in this segment - both development and exploration programs. The company is particularly encouraged by the fact that drilling and drilling & production requirements that call for the capabilities of an N-Class unit are again entering the market place.
The company is also pursuing concrete international leads for rig requirements where the N-Class rigs' unique capabilities provide a competitive advantage.
However, while we now see clear indications of a recovery in drilling activity in the company's targeted market segments, the board remains cautious as to the timing of a sustained recovery and measures to accommodate further delays in drilling demand are continuously being considered.

Kristiansand, 22 February 2010

The Board of Directors
Skeie Drilling & Production ASA

SKDP - Skeie Drilling & Production ASA - Notification of trade

Company news

2010-01-07 12:11:41

Please view the attached document.

SKDP - USD 675 million bank facility

Company news

2009-12-02 16:37:27

Since the implementation of the successful restructuring of SKDP in July 2009, the Company has negotiated with its banks for a continued take-out financing of its three rigs. The Company has experienced difficult and time consuming negotiations as the Banks have requested increasingly unfavorable pricing and other structural changes to the terms and conditions that in sum is unacceptable for the Company and its stakeholders. Consequently, the board of directors of SKDP has decided to release the Banks from their existing financing commitment.

The Company has commenced discussions to replace part of the existing bank syndicate in addition to exploring other alternative funding sources and is confident that the Company will be able to replace the existing bank financing in due course before delivery.

The Company has retained Pareto Securities AS as its advisor in the process of securing take-out financing for its three rigs.

The market outlook has improved over the last months but the board remains cautious as to the timing of a sustained recovery.

Kristiansand, 2 December 2009
Skeie Drilling & Production ASA

SKDP - Skeie Drilling & Production announces 3rd Quarter 2009 Results

Company news

2009-11-19 11:32:53

3RD QUARTER 2009 - SUMMARY OF MAIN EVENTS
* As previously announced, the restructuring process initiated early 2009 was completed in July. As part of this program the company made an agreement (in the 2nd quarter) with Keppel FELS to defer delivery of the three rigs under construction - the revised delivery dates being 30.09.2010, 31.12.2010 and 31.07.2011.
* The company's construction program of three N-Class drilling rigs at Keppel FELS Shipyard in Singapore is progressing in accordance with the contracted schedule.
* Negotiations with the lending syndicate regarding terms for the company's secured credit facility agreement continued during the third quarter.
* The company' general assembly elected a new board in an extraordinary general assembly meeting on the 24th September. The company's board now comprise:
- Bjarne Skeie - chairman
- Anne Breive - board member
- Lesley Jones - board member
- Ngiam Jih Wong - board member
* The board appointed Mr. Tomas Norrby as Chief Executive Officer on the 9th of September.
* Market outlook has improved over the last months but the board remains cautious as to the timing of a sustained recovery.

FINANCIAL INFORMATION
During the first part of this year, the company has negotiated with its bondholders and completed a successful restructuring process which was completed in July (see note no. 4). The company's three jack-up rigs were per end 2008 written down to the then prevailing market value.
I accordance with the accounting principles used by the company (IFRS) the remission of debt, change in currency (USD/NOK) concerning the write down of the convertible bond loan and mark to market impact of financial derivatives, have been booked through the profit and loss account. Also in accordance with IFRS, the interest advantage of the bondholders 18 months interest free period, has been booked as profit in the P & L account thus reducing the face value of the bondholders' loan.
The above-mentioned items booked as income in the P & L account, together with costs related to management of the companies (SKDP and its subsidiaries), result in an operating profit of MUSD 316.3 for the first nine months of 2009. The operating profit for the third quarter was MUSD 64.4.
The board expect that the company will have no substantial revenue prior to the first rig becomes operational.
Interest income and expenses related to the bonds for construction of the rigs are capitalized in the company's balance sheet.
As of 30 September 2009, the total assets were MUSD 397.6 of which capital work in progress on the jack-up units represented MUSD 308.4.
Initial project costs and project management costs have been capitalized.
At the end of the 3rd Quarter 2009 the company had a total cash balance of MUSD 88.5 of which MUSD 52.1 was unrestricted cash.

CONSTRUCTION PROGRAM
The company's construction program of three N-Class drilling rigs at Keppel FELS Shipyard is progressing in accordance with the contracted schedule.

MARKET CONDITIONS
The general market outlook for the drilling industry has improved in the third quarter with higher oil price and a more positive global business sentiment.
There are now signs that drilling programs on the Norwegian Continental Shelf, that has been on hold, are being evaluated again and the company is pursuing several specific leads in this segment - both development and exploration programs. The company is pursuing international leads for rig requirements where the N-Class rigs unique capabilities (harsh environment, combined drilling & production, drilling and water depth) provide a competitive advantage.
While there now appears to be early indications of a recovery of drilling activities in the company's targeted market segments, the board remains cautious as to the timing of a sustained recovery

Kristiansand, 19 November 2009

The Board of Directors
Skeie Drilling & Production ASA

SKDP - Avholdt ekstraordinær generalforsamling i Skeie Drilling & Production ASA

Company news

2009-09-24 15:26:01

Den 24. september 2009 ble det avholdt ekstraordinær generalforsamling i Skeie Drilling & Production ASA. Protokoll fra generalforsamlingen ligger vedlagt.

Kristiansand 24. september 2009

Bjarne Skeie
Styrets leder

SKDP - Notice of extraordinary general meeting

Company news

2009-09-09 15:59:09

Attached is the notice of extraordinary general meeting.

SKDP - Innkalling til ekstraordinær generalforsamling

Company news

2009-09-09 15:57:18

Vedlagt innkalling til ekstraordinær generalforsamling.

SKDP - New CEO

Company news

2009-09-09 11:00:40

SKDP's Board of Directors has appointed Tomas Norrby (56) as CEO for Skeie Drilling & Production ASA.
Tomas Norrby has extensive experience from the contract drilling industry and served as Managing Director for Deep Drilling Invest, Sinvest ASA's investment in eight jack-up drilling rigs, in the period 2003 to 2007.
Tomas Norrby also served as Chairman for Premium Drilling AS (a Sinvest ASA and Awilco Offshore ASA joint venture - marketing and operating a total of sixteen newbuild jack-ups) from its inception in 2005 till May, 2007.

Kristiansand, 9 September 2009
The Board of Directors

SKDP - Announcement / Kunngjøring

Company news

2009-08-26 13:09:16

It is with great sadness that we are announcing the death of our dear colleague Birger Skeie, who passed away early this morning. He died at home, in his sleep, suffering a heart attack. Birger was the CEO of Skeie Drilling & Production ASA.

He will be greatly missed.


Det er med dyp sorg vi meddeler at vår kjære kollega Birger Skeie er død. Han døde tidlig i dag morges av et hjerteinfarkt mens han sov.
Birger var CEO i Skeie Drilling & Production ASA.

Han vil bli dypt savnet.

SKDP - Skeie Drilling & Production announces 2nd Quarter and 1st Half year 2009 results

Company news

2009-08-20 12:59:43

SUMMARY
The construction of the three ultra harsh environment jackup drilling rigs is progressing according to the revised schedule with delivery of two rigs from the yard in 2010, end September and end December, and the third rig end June 2011.
The restructuring process implying deferred delivery times, writedown of equity and debt reduction as well as injection of new equity was successfully completed on July 15.
The market conditions for the rigs have improved over the last few months.

SKDP RESTRUCTURING
Since the beginning of 2009 the management of SKDP together with its advisors have worked on a restructuring process that took about six months to complete, implying deferred delivery of the rigs and a considerable change in SKDP's capital structure.
The revised delivery schedule was agreed with the yard in the beginning of second quarter whereby the parties agreed to defer the delivery with 6, 4 and 6 months respectively for the three rigs. The costs incurred by the yard for the deferment was agreed at the same time.
The main financial implications from the restructuring are as follows:
- NOK 540 m / USD 85 m SKDP private placement completed
- Current SKDP equity valued at NOK 0,50 per share (USD 6m) implying 3 % recovery
- NOK 660 m / USD 100 m of SKDP convertible bonds exchanged into new SKDP equity worth USD 10 m at NOK 0,50 per share implying approximately 10 % recovery at transaction price
- USD 495 m 2. priority bond loans written down to USD 305 m, implying an average of 61,6 % recovery. Remaining USD 305 m to be continued as 2. priority debt. Furthermore secured bondholders received SKDP shares worth approximately USD 50 m (33 % SKDP ownership post restructuring) in exchange for 18 months interest write off
- Number of shares increased to 1.916.582 million

Following the restructuring process the banks have come up with some altered terms which are presently being discussed between SKDP and the banks.
The post restructuring ownership is as follows: Skeie Technology AS 31,5 %, Wideluck Enterprises 12 %, secured bondholders 33 % and other external investors 23,5 %.

FINANCIAL INFORMATION
SKDP has, as informed, negotiated both with the yard and the bondholders and came to solutions which are to the company's satisfaction. All solutions are now approved by the parities.
The consequence of the approved solutions is already booked in the 2nd quarter 2009 accounts for the company.
Until the first jackup rig is in operation, the Group will have no revenues.
The operating profit for the 2nd quarter was MUSD 254 and consists mainly of income from the bondholders debt reduction (MUSD 140,3), convertible bondholders debt reduction (MUSD 94) and costs relating to management of the company.
As a consequence of the financial crisis, the value of the jackup rigs was written down in the accounts to market value per end of 2008. The writedown of the rigs results in a loss carry forward in the balance sheet per end of 2008 amounting to MUSD 308,2.
The writedown also included calculated accumulated interests to the bondholders until delivery of the rigs.
As the bondholders in the agreement waived 18 months interest, this interest writedown has in the 2nd quarter 2009 accounts been reversed. This reversal amounts to MUSD 20 and are booked under operating items.
As a result of the bondholders debt reduction, conversion of 18 months of interest into new shares and new paid in capital, the booked equity per end of 2nd quarter is positive with MUSD 85,8.
The equity ratio as of end of 2nd quarter 2009 was 17,4 % compared to 14 % in the same period in 2008.
At the end of 2nd quarter 2009 the Group has a total cash balance of MUSD 101,2 of which MUSD 87,5 was escrowed, while the remaining MUSD 13,7 was unrestricted cash. Of the escrowed cash MUSD 51 has in July been paid to the yard according to the contract and agreement with the yard.

MARKET CONDITIONS
Following the completed restructuring process, the cash break even day rates have been significantly reduced reflecting lower capital costs. Market outlook has shown improved conditions over the last few months, thus SKDP considers that the possibilities of obtaining contracts before delivery of the rigs to be good.

Kristiansand, 20 August 2009
The Board of Directors

Endring av aksje: Skeie Drilling & Production ASA (SKDP)

Corporate actions

2009-08-11 13:04:42

Det er foretatt endringer i Skeie Drilling & Production ASA (ISIN:NO0010357320, ticker SKDP). Aksjebeholdningen er øket fra 77 100 000 til 1 916 582 089. Emisjonsverdien er redusert fra 1 542 200 000 til 958 291 045.

SKDP - Skeie Drilling & Production ASA - registration of SKDP restructuring

Company news

2009-07-23 11:19:23

23 July, 2009

Reference is made to the press release dated 1 July 2009 referring to successful votes of all Skeie Drilling & Production ASA ("SKDP" or the "Company") bondholder groups, including both the 2. priority secured bondholders and the convertible bondholders (the "Bondholders") as well as SKDP General Meeting approving the SKDP restructuring in connection with the fully subscribed NOK 540 million Private Placement. Reference is further given to the press release dated 16 July 2009 referring to successful completion of the restructuring.

Today the completed restructuring has been registered in the Register of Business Enterprises ("Foretaksregisteret"). The new registered share capital of SKDP is NOK 191,658,208.90, divided into total of 1,916,582,089 shares, each with a nominal value of NOK 0.10. The new shares will be registered in the Norwegian Registry of Securities ("VPS") today and will shortly thereafter be tradable. Enclosed is the updated certificate of registration.



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This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
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For further information, please contact CEO Birger Skeie +47 380 41 940

SKDP - Correction of press release from Skeie Drilling & Production ASA regarding successful completion of SKDP restructuring

Company news

2009-07-17 09:04:14

17 July, 2009
Reference is made to the press release made by Skeie Drilling and Production ASA ("SKDP" or the "Company") on 16 July 2009 concerning the successful completion of the SKDP restructuring. The press release included inaccurate information regarding the total amount of debt write down under the Bond Loans. Enclosed is the updated press release.

Skeie Drilling & Production ASA - Successful completion of SKDP restructuring
17 July, 2009
Reference is made to the press release dated 1 July 2009 referring to successful votes of all Skeie Drilling & Production ASA ("SKDP" or the "Company") bondholder groups (the "Bondholders") as well as SKDP General Meeting approving the SKDP restructuring in connection with the fully subscribed NOK 540 million Private Placement. Reference is further given to the press release dated 7 July regarding the proposal from the Company to proceed with the SKDP restructuring regardless of the result from the negotiations with the lending syndicate in the Company's USD 675,000,000 Senior Secured Credit Facility Agreement, implying a proposal for amendments to the resolutions made by the Bondholders in the Company's three 2. priority secured bond loans and the NOK 660 million convertible bond loan (the "Bond Loans").
Bondholder meetings in all four Bond Loans were held on 15 July 2009. The proposals for resolutions were adopted with the necessary quorum in all four Bond Loans, constituting the final approval necessary for completion of the SKDP restructuring. Accordingly, subscription under the Private Placement and the conversion of parts of the Bond Loans to equity have been made in accordance with the provisions set out by the AGM on 30 June 2009, securing the company NOK 540 million in new equity, a total amount of debt write down under the three 2. priority secured bond loans of approximately USD 190 million, a debt write down of approximately 90% of the NOK 660 million convertible bond loan and conversion to shares of the remaining part of the convertible bond loan. Registration of the share capital increase is expected to take place on or about 20 July 2009, and the delivery of the new shares to the investors is expected on or about 20 July 2009.
Following the successful restructuring, The Company can finally focus on getting employment contracts for its 3 NCS jackup drilling rigs. SKDP has experienced further increased demand for its rigs lately and has received several new inquiries from oil companies during the last couple of weeks. The new capital structure has lowered SKDP's cash break-even rates to approximately USD 300,000 p/d, enabling The Company to yield healthy returns even at reduced dayrates.

CEO of SKDP, Mr. Birger Skeie, is very pleased with the final outcome of the restructuring process. Furthermore he believes that The Company is well positioned to win attractive employment contracts for its 3 NCS jackup drilling rigs going forward.



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This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
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For further information, please contact CEO Birger Skeie +47 380 41 940

SKDP - Successful completion of SKDP restructuring

Company news

2009-07-16 11:25:18

16 July, 2009

Reference is made to the press release dated 1 July 2009 referring to successful votes of all Skeie Drilling & Production ASA ("SKDP" or the "Company") bondholder groups (the "Bondholders") as well as SKDP General Meeting approving the SKDP restructuring in connection with the fully subscribed NOK 540 million Private Placement. Reference is further given to the press release dated 7 July regarding the proposal from the Company to proceed with the SKDP restructuring regardless of the result from the negotiations with the lending syndicate in the Company's USD 675,000,000 Senior Secured Credit Facility Agreement, implying a proposal for amendments to the resolutions made by the Bondholders in the Company's three 2. priority secured bond loans and the NOK 660 million convertible bond loan (the "Bond Loans").

Bondholder meetings in all four Bond Loans were held on 15 July 2009. The proposals for resolutions were adopted with the necessary quorum in all four Bond Loans, constituting the final approval necessary for completion of the SKDP restructuring. Accordingly, subscription under the Private Placement and the conversion of parts of the Bond Loans to equity have been made in accordance with the provisions set out by the AGM on 30 June 2009, securing the company NOK 540 million in new equity and a total amount of USD 253,58 million in debt write down under the Bond Loans. Registration of the share capital increase is expected to take place on or about 20 July 2009, and the delivery of the new shares to the investors is expected on or about 20 July 2009.

Following the succesful restructuring, The Company can finally focus on getting employment contracts for its 3 NCS jackup drilling rigs. SKDP has experienced further increased demand for its rigs lately and has received several new inquiries from oil companies during the last couple of weeks. The new capital structure has lowered SKDP's cash break-even rates to approximately USD 300,000 p/d, enabling The Company to yield healthy returns even at reduced dayrates.

CEO of SKDP, Mr. Birger Skeie, is very pleased with the final outcome of the restructuring process. Furthermore he believes that The Company is well positioned to win attractive employment contracts for its 3 NCS jackup drilling rigs going forward.



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This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
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For further information, please contact CEO Birger Skeie +47 380 41 940

SKDP - Update on continued negotiations with lending syndicate to 1 priority bank facility

Company news

2009-07-07 08:47:56

7 July, 2009

Reference is made to the press release dated 1 July 2009 referring to successful votes of all Skeie Drilling & Production ASA ("SKDP" or the "Company") bondholder groups a well as SKDP General Meeting approving the SKDP restructuring in connection with the fully subscribed NOK 540 million Private Placement. The 1 July release also referred to continued negotiations with the lending syndicate of the 1 priority bank facility in SKDP due to the consent of the bank syndicate being a condition to execute the SKDP restructuring. In addition, necessary extensions for such execution have been granted by Keppel FELS until 15 July 2009.

The lending syndicate has asked for a number of commercial changes to its 1 priority bank facility to give its consent to the amendments agreed to the bond loan agreements as part of the re-structuring. SKDP does not agree with the commercial changes set forth by the lending syndicate, and does not intend to accept any changes to the current terms of the bank facility without further negotiations. In order to maximise the flexibility of SKDP and to enable the Company to negotiate acceptable changes to the already agreed terms with its bank lending syndicate, SKDP has requested that Keppel FELS and the bondholders of the 2 priority secured bond loans give their consent to amending the current subjects/conditions precedent relating to the banks. If such consent is granted, the Company will have the necessary flexibility to continue the negotiations with the banks independent of the restructuring.

Keppel FELS has on 7 July 2009 provided SKDP with a confirmation that it will not declare their yard construction contracts in default should the existing 1 priority bank facility be terminated. The confirmation is however subject to SKDP having an equivalent bank facility in place within 3 and 6 months prior to delivery of the rigs under the yard construction contracts for Rig 2 and Rig 3 respectively.

The secured and convertible bondholders will be asked to waive the current condition precedent in the existing bondholder approval of the restructuring, requiring consent from the banks to amendments agreed with the bondholders, and to accept a new condition precedent in accordance with the confirmation received by SKDP from Keppel FELS. The Company is planning to call for a new bondholder meeting to be held on or prior to 15 July 2009.

Should negotiations with the lending syndicate result in the termination of the current bank facility, SKDP will be in need for additional financing in order to take delivery of the rigs.
The bank facility remains undrawn upon and is projected not to be drawn prior to the completion and delivery of the 3 N-Class rigs.

Applicants in the Private Placement of new shares in SKDP will be asked to re-confirm their application. Such re-confirmations must be received by Pareto Securities AS on or before 10 July 2009 at 16.00. Please note that no new or amended applications will be accepted. The due date for payment of applied shares will be no later than 14 July 2009. The re-confirmations of applications are subject to the 2 priority bondholders and the convertible bondholders approving the amended terms. Questions related to the re-confirmations, may be directed to Pareto Securities AS at 22 87 87 00.

SKDP has most recently received a number of requests from various oil companies operative on the NCS asking for the availability of SKDP's rigs. Hence, the Company believes the prospects for getting attractive employment contracts for the rigs have further improved. The Company will engage in such discussions with the interested parties once the Company is successfully restructured.
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This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.
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For further information, please contact CEO Birger Skeie +47 380 41 940
Website: www.skeiedrilling.com.

SKDP - Avholdt ekstraordinær generalforsamling i Skeie Drilling & Production ASA

Company news

2009-07-03 09:23:19

Den 2. juli ble det avholdt ekstraordinær generalforsamling i Skeie Drilling & Production ASA. Protokoll fra den ekstraordinære generalforsamlingen ligger vedlagt.

Birger Skeie
CEO, Skeie Drilling & Production ASA

SKDP - Restructuring of Skeie Drilling & Production ASA - continued negotiations

Company news

2009-07-01 12:13:15

Reference is given to the notice on the OTC of 19 June 2009 and 29 June 2009 regarding the summons for the annual general meeting (the "AGM") in Skeie Drilling & Production ASA (the "Company") and the completed private placement in the Company.
The AGM in the Company was held on 30 June 2009. Please find attached the minutes of the AGM. Based on the proposals for resolutions set forth by the Board of Directors in the Company (the "Board") in the summons for the AGM, the AGM passed all resolutions necessary for implementing the restructuring proposal as earlier announced by the Company on 17 June 2009.
On 30 June 2009, the Company received a letter from the senior lenders (the "Senior Lenders") under the Company's USD 675,000,000 Senior Secured Credit Facility Agreement (the "Facility Agreement") setting forth conditions for approving the amendments to the Bond agreements and the Facility Agreement. Following the requirements from the Senior Lenders, the Company will continue negotiations with its bondholders, Senior Lenders and the yard in order to seek a satisfactory solution for all stakeholders under the proposed restructuring of the Company. Furthermore, to allow for conditions to be fulfilled prior to final subscription being made, the general meeting resolved an extension for actual subscription (for investors which the share issues have been directed at) until 15 July. Please note that no new applications under the private placement can be accepted in this prolonged subscription period. Conditional allocation to the applicants in the private placement will be sent today.
The Company has obtained extensions of the amendments of its yard construction contracts with Keppel FELS including extension of payment due dates. There are still outstanding issues for completing the restructuring, including the private placement, and the Company aim to revert with further information shortly.
Please also find attached the minutes from the Bondholder meetings which were held on 29 June 2009 where the resolutions in the notices were adopted.

Kristiansand, 1 July 2009
Birger Skeie
CEO, Skeie Drilling & Production ASA

SKDP - Completed Private Placement

Company news

2009-06-29 16:38:29

Please see the enclosed announcement.

SKDP - Fully Underwritten Equity Issue

Company news

2009-06-25 16:31:46

Please see the enclosed announcement.

SKDP - Annual Accounts 2008

Company news

2009-06-24 15:40:20

Please find enclosed Annual accounts for 2008.

SKDP - Notice of extraordinary general meeting

Company news

2009-06-19 13:18:11

Enclosed is the notice of extraordinary general meeting

SKDP - Innkalling til ekstraordinær generalforsamling

Company news

2009-06-19 13:14:58

Vedlagt innkalling til ekstraordinær generalforsamling

SKDP - Summons to bondholders' meeting and the company update

Company news

2009-06-19 12:06:05

Please find enclosed summons to bondholders' meeting and the company update.

SKDP - Announcement

Company news

2009-06-17 15:10:35

Reference is given to the press release made by Skeie Drilling and Production ASA ("SKDP" or the "Company") on 2 June 2009 and 8 June 2009. Following negotiations with key bondholders, the Board of Directors (the "Board") resolved on 16 June 2009 to summon the shareholders in the Company to an annual general meeting ("AGM") to be held on 30 June 2009. The proposed agenda for the AGM prepares for shareholders resolutions necessary for implementing the proposed restructuring of the Company, in addition to the regular items to be dealt with by the AGM. All proposals for resolutions are made conditional upon (i) appropriate resolutions being made at the bondholders meetings which are set out to be held prior to the AGM and (ii) registration of all appropriate resolutions in the Norwegian register of business enterprises. The summons for the AGM are available on the Company's homepage www.skeiedrilling.com in both Norwegian and English language.


The CEO and the Board of Directors of the Company has received a letter from one of the bondholders in the Company containing serious allegations of misrepresentations and misleading of investors, as well as attempt to "coerce investors into debt reduction of secured claims without regard to their legal and fiduciary duties". These allegations are strongly rejected and denied, and the bondholder in question has been requested to reconsider the allegations and check the factual basis for the accusations better. The Company has been informed by Wideluck and Skeie Technology that they will not participate with USD 85 mill in new equity if the allegations are not withdrawn, and the equity subscription guarantee is also subject to such withdrawal.

17 June 2009

Skeie Drilling and Production ASA

Birger Skeie

SKDP - Notice of Annual General Meeting

Company news

2009-06-17 08:50:01

Enclosed is the Notice of Annual General Meeting

SKDP - Innkalling til ordinær generalforsamling

Company news

2009-06-17 08:48:22

Vedlagt innkalling til ordinær generalforsamling 30. juni 2009

SKDP - Skeie Drilling & Production ASA - Restored

Company news

2009-06-08 13:06:35

Please view the announcement issued by Skeie Drilling & Production (8th of June at 12:27). In view of this the company is restored to the OTC A-list.

SKDP - Consensual Agreement with Key Bondholders

Company news

2009-06-08 12:27:10

June 8th, 2009

Skeie Drilling & Production ASA (SKDP) is currently constructing 3 large N-Class Jack-Up offshore drilling rigs suited for operations on the Norwegian Continental Shelf at Keppel FELS shipyard in Singapore.

On 17 April 2009, SKDP announced a re-structuring proposal based on (i) agreed amendments to the yard construction contracts with Keppel FELS and (ii) commitment from the SKDP main shareholders Skeie Technology and Wideluck to underwrite USD 85m of new equity in a USD 85-100m Equity Private Placement on terms described in the said SKDP re-structuring proposal.

Since such announcement, SKDP has been in negotiations with a group of bondholders holding a majority of its three secured bond loans issued by SKDP. This group of bondholders has engaged its own financial and legal advisors (UK based Blackstone and Bingham, respectively).

SKDP is pleased to announce that an agreement on main principles with this group of bondholders has now been reached. As a consequence, SKDP has also obtained extensions to the amendments of its yard construction contracts with Keppel FELS and reconfirmed underwriting of a USD 85m Private Placement of new SKDP shares by its core shareholders Skeie Technology and Wideluck. These extensions are subject to formal approval of the agreed restructuring plan by shareholders and bondholders and are conditional on formal agreements and required consents.


Following these achievements, the Board of Directors believes that SKDP is not obliged to file for bankruptcy and will remain solvent subject only to formal approval of the agreed restructuring plan from the shareholders and bondholders with all the required restructuring documentations completed by end June 2009, as targeted. Certain elements of the restructuring plan will also be subject to approval of the banks.

The revised re-structuring supported by the group of secured SKDP bondholders is broadly in line with the original proposal. Key changes being improved recovery of the secured bonds to USD 305m (61.6% average recovery) and secured bondholders receiving new SKDP shares amounting to a 33% ownership post re-structuring (approx USD 50m value at transaction pricing) in exchange for interest/coupon waivers for the next 18 months. The USD 85m private placement of new shares will have an issue price of NOK 0.5/share. SKDP will disclose more details of the agreed re-structuring proposal within shortly in connection with final documentation and notice to bondholder and shareholder meetings. The USD 85m equity private placement is fully underwritten by Skeie Technology and Wideluck.

Birger Skeie, the SKDP CEO says: "We are very pleased to have reached a consensual agreement with our main secured bondholders to the benefit of all our stakeholders and allowing us to complete the construction of our 3 advanced N-Class Norwegian Sector jackup drilling rigs at Keppel FELS in Singapore. Furthermore, we believe the re-structured SKDP capital structure will represent an attractive basis for investing in the upcoming USD 85m equity private placement that will be offered to our existing shareholders, convertible bondholders, secured bondholders and others.



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This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.

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For further information, please contact CEO Birger Skeie +47 380 41 940
Website: www.skeiedrilling.com.

SKDP: Announcement

Company news

2009-06-05 11:06:12

Skeie Drilling & Production ASA (SKDP) has today requested that its shares are suspended from OTC A-list and not traded until further announcement from the Company.

SKDP - Default and Status of Re-structuring proposal

Company news

2009-06-02 15:53:05

June 2nd, 2009

Skeie Drilling & Production ASA is currently constructing 3 large N-Class Jack-Up offshore drilling rigs suited for operations on the Norwegian Continental Shelf at Keppel FELS shipyard in Singapore.

On 17 April 2009, SKDP announced a re-structuring proposal based on (i) agreed amendments to the yard construction contracts with Keppel FELS and (ii) commitment from the SKDP main shareholders Skeie Technology and Wideluck to underwrite USD 85m of new equity in a USD 85-100m Equity Private Placement on terms described in the said SKDP re-structuring proposal.

Since such announcement, SKDP has been in negotiations with a group of bondholders holding a majority of its three secured bond loans issued by SKDP. Such direct negotiations were requested by the group of bondholders as a prerequisite to consider the re-structuring proposal and recommended by the loan trustee Norsk Tillitsmann. This group of bondholders has engaged its own financial and legal advisors (UK based Blackstone and Bingham, respectively) who have had access to all relevant data and inter alia carried out a financial and legal due diligence during the past four weeks. The group of secured bondholders has rejected the SKDP re-structuring proposal and has requested alternative terms unacceptable to Keppel FELS, Skeie Technology and Wideluck.

On 31 May, several important agreements entered into between SKDP and its main vendors expired. Inter alia, the agreed amendments to the yard construction contracts setting out the terms for the extended delivery schedule as well as the underwriting commitments for injecting USD 85m of new SKDP equity expired. Furthermore, a USD 37m milestone payment on Rig 1 fell due on 31 May without SKDP having free liquidity to pay this instalment. SKDP is also in breach under the Prodjack 1 bond loan agreement calling for USD 18m of additional equity by the end of May 2009 in case of no employment contract being secured by that date. Finally, a USD 40m milestone payment on Rig 3 is due on 4 June. SKDP will not be able to make this payment as the amount is supposed to be financed out of the escrow account now being blocked, by the Trustee on behalf of the Prodjack 3 bondholders. The breaches described above will, if not remedied, also result in a breach of the bank loan agreements, and the bank's present USD 675,000,000 commitment to finance the rigs will terminate forthwith.

Based on the expiry of important agreements above, the inability to honour its contractual obligations towards Keppel FELS as well as current rig values estimated to be substantial lower than the current face value of the SKDP outstanding debt and remaining contractual obligations related to its rig construction program with Keppel FELS, the SKDP Board of Directors believes SKDP is insolvent and will soon be illiquid unless the proposed re-structuring is approved.

Consequently, before filing for bankruptcy as per the fiduciary obligations by the SKDP Board of Directors according to Norwegian laws, the board has decided to seek irrevocable pre-acceptances from a qualifying majority (2/3) of the three SKDP secured bond loans and the convertible loan to the proposal as set out in the SKDP announcement dated 17 April and as described in the SKDP Company Presentation dated 17 April posted on the company's web-page www.skeiedrilling.com. Such acceptances to be signed and returned to the SKDP financial advisor Pareto Securities AS no later than Thursday 4 June at 8 p.m. local (Oslo) time. A separate Irrevocable Acceptance Form will be posted on our web-page. For responses and questions to this acceptance form, please contact your contact person at Pareto Securities or Stian Winther (stian.winther@pareto.no dir line +47 2287 8773).

Based on required pre-acceptances by minimum 2/3 of holders in each bond loan, SKDP will seek extensions to the yard amendment contracts and the equity underwriting commitments, as well as sending out notices to bondholders for formal votes on the SKDP re-structuring proposal in line with the terms set out in the 17 April 2009 Company Presentation.

SKDP believes a bankruptcy filing is detrimental to both shareholder and bondholder values and would imply a substantial lower recovery to secured bondholders than what offered in the SKDP re-structuring proposal dated 17 April 2009.


-----------------

This news release may contain forward-looking statements which reflect the Company's current views about certain future events and financial performance. Actual events or results may differ materially from those projected or implied in such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise. Due to such uncertainties and risks, investors are cautioned not to place undue reliance upon such forward-looking statements.

-----------------

For further information, please contact CEO Birger Skeie +47 380 41 940
Website: www.skeiedrilling.com.

SKDP - Økte kapitalforpliktelser og forslag til løsning - Norsk versjon av pressemelding som ble lagt ut fredag 17. april 2009

Company news

2009-04-22 09:44:01

SKDP - Increased capex and proposed fix

Company news

2009-04-17 18:51:01

Please see the attached Press Release

SKDP - Skeie Drilling & Production announces 4th quarter and 2008 preliminary results

Company news

2009-02-24 14:13:22

CONSTRUCTION
The construction of the three harsh environment jack-up rigs at Keppel FELS Shipyard in Singapore is progressing according to schedule. The first rig is now being assembled in the dry dock.


FINANCIAL INFORMATION
The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS).

Skeie Drilling & Production expects no material revenues before delivery of the three jack-up rigs.
Total operating expenses was USD 1,6 million for the 4th quarter 2008 compared to USD 1,1 million for the 4th quarter 2007. Operating expenses increased from USD 1,6 million for the year 2007 to USD 3,2 million for year 2008. The operating expenses mainly consist of cost related to management of the company, bid costs and costs related to building up the administration and project organization.
Net financial income for 4th quarter 2008 amounted to USD 30,7 million and USD-0,3 million for the 4th quarter 2007. Year to date 2008 net financial income was USD 30,5 million compared to USD 4,7 million for the year 2007. The main reason for the increase in financial income in 2008 is the accounting treatment of the convertible bond loan issued in June 2007. In order to comply with IAS 39, the convertible rights attached to the bond loan are separately fair valued as financial derivates, presented as liability in the balance sheet.
The fair value of the derivate is directly related to the share price of the company, change in interest and time for the option to expire. As the share price of the company dropped by almost 60% since 31 December 2007, the value of the financial derivates decreased by about USD 16,6 million during year 2008, reflected as gain in the financial income statement.
As the convertible bond loan is in NOK and the functional currency is USD, the conversion right is considered as a financial derivate, recorded at fair value through profit and loss account. This has resulted in a currency gain of USD 17,6 million for the year 2008. The currency gain is booked under financial derivates.
The interest expenses related to the bond loans for construction of the three jack-up rigs reduced by interest income of bank deposits to be invested in the rigs, are capitalized under Rigs under construction in the consolidated balance sheet for the year 2008.

As per end of year 2008, the total assets was USD 802,1 million of which USD 657,9 million are related to rigs under construction including capitalized net interest on bond loans, yard installments and project costs. USD 143,8 million is related to cash at bank.
As per 31 December 2008, the bond loans issued were recognized amortized value of USD 561,4 million.


MARKET OUTLOOK
The under laying demand for the rigs on the Norwegian Continental Shelf ( NCS ) is considered to be unchanged, but the financial crisis together with the low oil price have made operators postponing their plans until market conditions in general have improved.
Based on the current situation on the NCS, SKDP has also started marketing the rigs for drilling/production utilization in special niche markets where there is a need for extra large and/or harsh environment jack-ups for drilling or combined drilling and production. These areas include Canada, West Africa Middle East and others.


Kristiansand, February 24, 2009

The Board of Skeie Drilling & Production

SKDP - Skeie Drilling & Production ASA announces 3rd Quarter 2008 results

Company news

2008-11-18 11:29:07

Summary
The market conditions for the three ultra harsh environment jackups under construction remain very strong.
The construction at Keppel FELS Shipyard in Singapore is progressing as scheduled. Steel strike on rig no. 3 took place as scheduled on September 1 Keel laying for rig no. 1 will take place in November 2008.
All three rigs are fully financed.


Financial Information
SKDP expects no material revenues before delivery of the three jack-up rigs by Keppel Fels in Singapore. The scheduled delivery time for the rigs is in 2010.
EBITDA for the 3rd quarter 2008 was MUSD -1,070 and for the first nine months 2008 MUSD -1,621.
The operating expenses consist mainly of management services costs, legal costs, bid costs and various other administrative costs.
Net financial result for the 3rd quarter 2008 amounted to MUSD 44,079 and for the first nine months 2008 MUSD 1,365 compared to MUSD -3,627 ( 3rd quarter 2007) and MUSD 5,425 ( first nine months 2007). The main reason for the financial income during the 3rd quarter 2008 is the accounting treatment for the convertible bond loan issued in the end of June 2007. In order to comply with IAS 39, the convertible options (rights) attached to the bond loan are separately fair valued as financial derivatives, presented as a liability in the balance sheet.
The fair value of the derivative is directly related to the share price of the company, change in interest and the time for the option to expire. As the share price of the company has decreased by approximately 40 % since 30 June 2008, the value of the financial derivative decreased by some MUSD 27,4 in the 3rd quarter 2008, reflected as profit under financial items.
As the convertible bond loan is in NOK and our functional currency is USD, the conversion right is considered as a financial derivative, recorded at fair value through profit and loss, which has resulted in a currency gain of MUSD 18,4 in the 3rd quarter 2008. The currency gain is booked under financial items.
The interest expenses related to the bond loans for construction of the three jack-up rigs reduced by interest income of bank deposits to be invested in the rigs, are capitalized under the construction contract in the consolidated balance sheet for the first nine months 2008.
As per 30 September 2008, total assets was MUSD 768,6f which MUSD 630,8 are related to the jack-up rigs under construction. MUSD 136,1 is related to cash at bank.
As per 30 June 2008, bond loans issued were recognized amortized value of MUSD 577,2.
As announced earlier, the subscription of new shares in the amount of NOK 180 mill was completed in October. The new number of shares is now 77,110.000 at NOK 10,00 par value.

Financing of the rigs
The loan agreements on the first priority loans, amounting to USD 225 mill, each rig, was signed in August 2008 with a consortium consisting of three international banks. All subjects are lifted.

Market outlook
The market conditions for the rigs remain very strong and promising. Several formal bids have been submitted to operators on the Norwegian Continental Shelf.


Kristiansand, 18 November 2008

The Board of Directors

Endring av aksje: Skeie Drilling & Production ASA (SKDP)

Corporate actions

2008-11-10 14:05:58

Det er foretatt endringer i Skeie Drilling & Production ASA (ISIN:NO0010357320, ticker SKDP). Aksjebeholdningen er øket fra 68 100 000 til 77 100 000. Emisjonsverdien er øket fra 1 246 230 000 til 1 542 200 000.

SKDP - Completed Rights Offering

Company news

2008-10-27 14:24:50

Reference is made to the prospectus dated 9 October 2008 regarding the rights offering in Skeie Drilling & Production ASA ("SKDP") of a total of 9,000,000 new shares to a subscription price of NOK 20 per new share. The subscription period for the rights offering expired at 16:30 CET on Friday 24 October 2007. SKDP has received subscriptions for a total of 4,823,369 new shares to the subscription price of NOK 20 per share.

The Rights Offering was fully underwritten by a consortium consisting of two of the major shareholders in the Company.

The board of directors of SKDP will resolve the allocation in a board meeting to be held 29 October 2008. Distribution of allocation letters will take place on or about 29 October 2008 and debit of the subscriber's bank accounts will take place on 31 October 2008. The new shares will be registered on each subscribers' VPS account as soon as the share capital increase is fully paid and registered in the Norwegian Registry of Business Enterprises (Brønnøysund registrene), expected on or about 7 November 2008.

The share capital in SKDP will, as a consequence, be increased with a total of NOK 90,000,000 to NOK 771,100,000 divided into 77,110,000 shares each with a nominal value of NOK 10.00.


The Rights Offering was managed by Pareto Securities AS.

For more information, please contact
Svein Anton Bjørnholmen, Tel. +47 38 04 19 40

SKDP: Approved prospectus for offering of new shares

Company news

2008-10-10 10:38:43

Reference is made to the press release dated 6 October 2008, regarding the resolved offering of up to 9,000,000 new shares in Skeie Drilling & Production ASA (the "Company" or "SKDP"). Oslo Børs ASA has now approved the prospectus, which will be sent to all eligible shareholders and convertible bond holders as per 6 October 2008 (the "Eligible Subscribers") together with the subscription material for the Rights Offering. In addition, the prospectus will be available on the Company's and the Manager's web-pages at the addresses: www.skeiedrilling.com and www.pareto.no.

The Rights Offering has been fully underwritten by a consortium consisting of two of the major shareholders in the Company. The purpose of the Rights Offering is to retain the necessary equity in order to comply with the provisions set out in the Company's bond loan agreement and for general working capital purposes.

SKDP's shares have been registered exclusive subscription rights from and including Tuesday 7 October 2008. The Subscription Rights will be transferable and listed on the OTC during the Subscription Period under the ticker code "SKDT". The Subscription Rights are registered in the VPS under the International Securities Identification Number (ISIN) NO 001 0464019.

The Subscription Rights may be used to subscribe for New Shares in the Rights Offering or be sold before the end of the Subscription Period. Subscription Rights acquired during the Subscription Period carry the same right to subscription and allotment of New Shares in the Rights Offering as the Subscription Rights held by Eligible Subscribers that have received them on the basis of their shareholding/bond holding. After the expiry of the Subscription period, the Subscription Rights will be of no value and cannot be used.

The subscription period will start on Monday 13 October 2008 and end at 17:30 CET on 24 October 2008.

The Rights Offering is managed by Pareto Securities AS.

For more information, please contact
Svein Anton Bjørnholmen, Tel. +47 38 04 19 40

SKDP: Offering with pre-emptive rights for existing shareholders and convertible bond holders

Company news

2008-10-06 09:00:59

The board of directors of Skeie Drilling & Production ASA (the "Company" or "SKDP") has resolved in a board meeting held today to carry out a share capital increase, raising gross proceeds of NOK 180 million. The board resolution has been made by the Board in accordance with an authorisation granted by the extraordinary general meeting of SKDP held on 30 June 2008. The share capital will be increased by the issuance of 9,000,000 new shares, each with a nominal value of NOK 10.00. Existing Shareholders and Convertible Bond Holders will be given a pre-emptive right at a subscription price of NOK 20 per share (the "Rights Offering"). The Rights Offering has been fully underwritten by a consortium consisting of two of the major shareholders in the Company. The purpose of the Rights Offering is to retain the necessary equity in order to comply with the provisions set out in the Company's bond loan agreement and for general working capital purposes.

SKDP's shareholders and convertible bond holders as of 6 October 2008 (the "Eligible Subscribers") will be given pre-emptive rights to subscribe for the shares. The Eligible Subscribers will receive 1 subscription rights per 10 shares owned/or to be owned as if the convertible bond loan was converted in full as of 6 October 2008. 1 subscription right will give the right to subscribe for 1 new share. The subscription rights will be registered on the OTC-market in the subscription period and acquired subscription rights give equal right to subscription as allocated subscription rights. Fractions of subscription rights will not be issued and the number of subscription rights allocated to each shareholder will be rounded down to the closest whole subscription right.

Subscribers in the Rights Offering will be allotted shares pursuant to the allotted and/or acquired subscription rights validly subscribed for during the subscription period. If the subscription rights are not fully utilised, those who have used their subscription rights and who have subscribed for additional shares, will have the right to take over the remaining shares which have not been subscribed for.

Persons that do not hold subscription rights in the Company may subscribe for shares in the Rights Offering. If, subsequent to the allotment described above, there still remain shares which are not allotted, the remaining number of shares shall be distributed among other subscribers pursuant to the subscription amount. In the event of oversubscription, the board of directors may decide on the allotment.

If there still remain shares which have not been allotted after the allocation provisions as set out in the Norwegian Public Limited Liability Companies Act has been taken into account, the remaining new shares shall be allotted to the participants in the underwriting consortium pursuant to the guarantee agreements entered in to.

SKDP's shares will be registered exclusive subscription rights from and including Tuesday 7 October 2008.

The Company is preparing a prospectus in connection with the Rights Offering. The subscription period will start as soon as the prospectus is approved by Oslo Børs ASA, expected to be on or about 14 October 2008. The subscription period will run for two weeks.

The Rights Offering is managed by Pareto Securities AS.

For more information, please contact
Svein Anton Bjørnholmen, Tel. +47 38 04 19 40

SKDP - Drilling contract between Skeie Drilling & Production ASA and Skeie Energy AS

Company news

2008-10-01 13:52:15

The drilling contract between Skeie Drilling & Production ASA ( SKDP ) and Skeie Energy AS (SE) contains a provision whereby SE is obliged to deliver to SKDP a bank guarantee of a defined amount as security for the obligations undertaken under the drilling contract. The Board of SKDP has decided to grant SE an extension on the deadline for delivering this bank guarantee on certain conditions, with the new due date being December 31, 2008. These conditions include among other a clause giving SKDP the right to market rig no. 2 to other potential operators.

Kristiansand, 1 October 2008

SKDP - New equity offer in minimum amount of USD 27,810 mill.

Company news

2008-09-01 15:01:12

Skeie Drilling & Production ASA will during the first part of September 2008 complete a new equity offering in the minimum amount of USD 27,810 mill to strengthen its equity and finance project costs for the completion of its newbuildings. New equity in the amount of USD 27,810 mill is required to be obtained under the bond loan agreement related to Prodjack 1 as no drilling contract was entered for that rig before 15 August 2008. The LOI for a drilling contract with Skeie Energy AS entered into in January this year has however developed to a drilling contract with for Prodjack 2 as earlier announced.
An underwriter consortium has been established which guarantees for the shares equal to the gross issued proceeds.

Kristiansand, 1 September 2008

SKDP - USD 675,000,000 senior secured loan facility completed

Company news

2008-08-29 13:40:19

Skeie Drilling & Production ASA has today, together with its subsidiary companies Prodjack 1 Ltd, Prodjack 2 Ltd and Prodjack 3 Ltd, completed the USD$675,000,000 senior secured loan facility agreement with Natixis, BTMU Capital Corporation, DVB Group Merchant Bank (Asia) Ltd. and Eksportfinans ASA as lenders, and Natixis as agent. The loan agreement shall finance parts of the construction costs under the existing construction contracts for three jack-up drilling units with Keppel FELS shipyard. The company is very pleased with the completion of this loan agreement and in particular the support from GIEK, made possible by the value of the Norwegian content in the construction program.

Kristianand, 29 August 2008

SKDP- Skeie Drilling & Production announces 2nd Quarter and 1st Half year 2008 results

Company news

2008-08-26 16:23:49

Summary
The market conditions for the three ultra harsh environment jackups under construction remain very strong.
The construction at Keppel FELS Shipyard in Singapore is progressing as scheduled. Steel strike on rig no. 2 took place as scheduled on June 1, 2008 while steel strike on rig no. 3 will take place September 1, 2008, also as scheduled.
All three rigs are fully financed.


Financial Information
SKDP expects no material revenues before delivery of the three jack-up rigs by Keppel Fels in Singapore. The scheduled delivery time for the rigs is in 2010.
EBITDA for the 2nd quarter 2008 was MUSD-0,3 and for the 1st half year 2008 MUSD-0,6.
The operating expenses consist mainly of management services costs, legal costs, costs related to bond loans and various other administrative costs.
Net financial result for the 2nd quarter 2008 amounted to MUSD-37,9 and for the 1st half year 2008 MUSD-42,7 compared to MUSD 1,8 (2nd quarter 2007) and MUSD 1,7 (1st half year 2007). The main reason for the financial expenses during the 1st half year 2008 is the accounting treatment for the convertible bond loan issued in the end of June 2007. In order to comply with IAS 39, the convertible options (rights) attached to the bond loan are separately fair valued as financial derivatives, presented as a liability in the balance sheet.
The fair value of the derivative is directly related to the share price of the company, change in interest and the time for the option to expire. As the share price of the company has increased by almost 70% since 31 December 2007, the value of the financial derivative increased by MUSD 27 in the 1st half year 2008, reflected as loss under financial expenses.
As the convertible bond loan is in NOK and our functional currency is USD, the conversion right is considered as a financial derivative, recorded at fair value through profit and loss, which has resulted in a currency loss of MUSD 19,9 in the 1st half year 2008. The currency loss is booked under financial expenses.
The interest expenses related to the bond loans for construction of the three jack-up rigs reduced by interest income of bank deposits to be invested in the rigs, are capitalized under the construction contract in the consolidated balance sheet for the 1st half year 2008.
As per 30 June 2008, total assets was MUSD 790,9 of which MUSD 538,3 are related to the jack-up rigs under construction. MUSD 247,1 is related to cash at bank.
As per 30 June 2008, bond loans issued were recognized amortized value of MUSD 589,9.


Financing of the rigs
The loan agreements on the first priority loans, amounting to USD 225 mill, each rig, have now been signed with a consortium consisting of three international banks. The only outstanding issue on these loans is the approval of GIEK (The Norwegian Institute for Export Credits/Eksportfinans) which is anticipated to be in place before the end of August 2008.

Market outlook
The market conditions for the rigs remain very strong and promising. This has materialized in the sense that several formal requests for bids have been received during the last couple of months.
SKDP has recently prepared and submitted several formal bids to operators on the Norwegian Continental Shelf, and more requests for bids are expected to be received shortly.
SKDP maintains its optimism that all three rigs will be on contracts within the end of this year.

Kristiansand 26 August 2008

The Board of Directors

SKDP - Ordinary general meeting

Company news

2008-06-30 16:19:21

Ordinary general meeting has today been arranged in Skeie Drilling & Production ASA. All items were unanimously resolved according to the notice of the meeting, including authorisation to the Board to increase the company's share capital with maximum 50 % of the company's present share capital. The authorisation is valid until the company's ordinary general meeting in 2009, i.e. by 30 June 2009 at the latest.

Kristiansand 30 June 2008

Birger Skeie
CEO

SKDP - Final contract signed between Skeie Drilling & Production ASA and Skeie Energy AS

Company news

2008-06-30 14:46:58

Skeie Drilling & Production ASA has today signed the final drilling contract with Skeie Energy AS for the lease of SKDP 2, the second jackup rig to be delivered from Keppel FELS Shipyard in Singapore in 3rd quarter 2010. The contract is a firm 3 years lease with the option for Skeie Energy AS to extend the firm contract period up to 5 years. This option has to be exercised within September 30, 2010. The contract also contains optional lease periods beyond the firm contract period for up to 5 years. The contract follows the terms set down in the letter of intent which was signed January 11, 2008 except for the capex part of the lease, which will be adjusted to market rate.

Skeie Energy AS is presently owned 68% by Skeie Technology AS. Today a letter of intent has been entered into between Skeie Technology AS and an international integrated oil & gas company, whereby the last mentioned company is to acquire 52% of the shares of Skeie Energy AS. A final sale and purchase agreement is targeted to be entered into within August 31, 2008. After the completion of this transaction Skeie Technology AS will own 24,3% of the shares of Skeie Energy AS.

Kristiansand, 30 June 2008

Birger Skeie
CEO

SKDP - Notice of Ordinary General Meeting

Company news

2008-06-16 11:03:58

Attached is Notice of Ordinary General Meeting 30 June 2008, with enclosures. Attached is also the Annual Report 2007 for SKDP

SKDP - 1st Quarter 2008 Results

Company news

2008-05-20 14:12:37

Skeie Drilling & Production (SKDP) announces 1st Quarter results

Summary
The construction of the three harsh environment jackup rigs at Keppel FELS Shipyard in Singapore is developing as scheduled and all three will be delivered in 2010.
The market conditions are still very strong and operators are showing great interest in the rigs.
Steel strike for rig no. 1 started February 1. while steel strike for rig no. 2 will start
June 1.
All three rigs are fully financed.

Financial information
The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS).

Skeie Drilling & Production ASA (SKDP) expects no material revenues before delivery of the three jack-up rigs from Keppel FELS in 2010.
The operating result for the first quarter 2008 was a loss of USD 0,274 million, compared with a loss of USD 0,098 million in the first quarter 2007. The main reason for the deviation between 2007 and 2008 first quarter result, was that SKDP started the operation by building the jack-up rigs later in 2007.
The operating expenses in first quarter 2008 mainly consist of costs related to management of the companies (SKDP and its subsidiaries) and costs related to bids.
Net result for the first quarter 2008 was a loss of USD 5,08 million compared to a loss of USD 77 thousand for the same period in 2007. The net financial loss for the first quarter 2008 was USD 4,8 million and consist mainly of foreign exchange loss (USD/NOK), mainly unrealized.
Interest income and expenses related to the Bonds and convertible bond loan for construction of the rigs are capitalized under construction contract in the Group Balance Sheet. The remaining interest income and expense are expensed in the P&L statement.

As of 31 March 2008, the total assets amounted to USD 770,4 million of which the capitalization of construction in progress on the jack-up units represented USD 429,6 million. Initial project costs and project management costs in accordance with management agreements are included in the capitalized amount.

Cash and cash equivalents amounted to USD 340,1 million at the end of first quarter 2008.

Financing of the rigs
The loan agreements for the first priority loans amounting to USD 675 million are about to be finished and are expected to be signed shortly. Together with the secured bond loans and the convertible bond loan all three rigs are now fully financed.

Market outlook
The market outlook is still very strong looking forward to the year of delivery of the rigs in 2010. As it seems now the demand will be bigger than the supply. A great interest for the rigs is shown from operators in the Norwegian Sector of the North Sea. Based on this the management is working hard to secure contracts for all three rigs within this year.

Kristiansand, May 20, 2008


The Board of Skeie Drilling& Production

SKDP - Skeie Drilling & Production announces 4th Quarter and 2007 Results

Company news

2008-02-28 13:06:43

Summary

The first main milestone for rig number one was reached on February 1, 2007 when steel strike started as scheduled.
The three harsh environment jackups under construction at Keppel FELS Shipyard in Singapore are on schedule and will be delivered in 2010.
An increasing number of enquiries for the rigs has been seen over the last few months.
Letter of intent signed for one of the newbuilds February 11, 2008.
All the three rigs are fully financed.

Financial information

The company had no revenues in the 4th quarter or in the year 2007 and expects no material revenues before delivery of the jackups in 2010.

Net operating expenses in the fourth quarter was USD 1,147 million and USD 1,550 million for the year 2007 compared to USD 15 thousand in 4th quarter and the year 2006. The difference is the fact that there was a minimum of activity in 2006.
The operating expenses in 2007 are basically related to management of the company including its subsidiaries and marketing expenses.
Net result in the fourth quarter was a loss of USD 0,342 million and a profit of USD 4,680 million for the year 2007 compared to a loss of USD 10 thousand for the 4th quarter 2006 and the year 2006.
Interest income and expense related to the secured bonds and the convertible bonds obtained for the construction of the rigs are capitalized under the construction contracts in the balance sheet. The remaining interest income and expense are included in the P & L.

As per December 31, 2007 the total assets amounted to USD 781,8 million of which capitalization of rigs under construction represents USD 349,2 million. Initial project expense and project management expense in accordance with management agreements are included in the capitalized amount.

Cash and cash equivalents as per December 31, 2007 amounted to USD 432,0 million.

Financing of the rigs

The banks have committed the first priority financing amounting to USD 675 million for the three rigs. The loan agreements are presently being discussed and are expected to be signed shortly.
Together with three secured bond loans each amounting to USD 165 million and the convertible bond loan amounting to USD 110 million, the company now has secured full financing at a total amount of USD 1.280 million.

Market outlook

On February 11, 2008 the company signed a Letter of Intent with Skeie Energy AS for a three to five years contract for rig number one or two in the company's option. The value of the contract will be minimum USD 470 million. A firm contract is expected to be signed within July 1, 2008.
In general, the market conditions are looking more promising than ever for the rigs that the company has available in 2010.
Over the last few months the company has experienced a lot more inquiries from operators, in particular from operators on the Norwegian Continental Shelf.
Based on this the company is very optimistic about having all three rigs on contracts within this year.


Kristiansand, February 28, 2008


The Board of Skeie Drilling & Production

SKDP - Steel Strike on the first jack-up newbuild

Company news

2008-02-07 11:02:43

Steel strike on the first newbuild jack-up (B300) started as scheduled at Keppel Fels Shipyard on February 1, 2008

Kristiansand, 7 February 2008

Skeie Drilling & Production ASA (SKDP) signs Letter of Intent for one jackup newbuild

Company news

2008-01-15 08:43:30

Skeie Drilling & Production ASA (SKDP) has signed a letter of intent with Skeie Energy AS for the lease of one of the three jackup newbuilds under construction at Keppel FELS Shipyard in Singapore. A firm drilling contract is supposed to be signed within July 1, 2008 (the latest effective date). SKDP shall in the period until the effective date have the option to nominate either the first or the second rig to be provided for this contract. The first rig is scheduled to leave the yard in 1st quarter 2010 while the 2nd rig is scheduled for early 3rd quarter 2010. Heavy lift transportation has already been arranged from Singapore.

The term of the contract will be three years and the value of the contract is approximately 470 MUSD including mobilization fee. Until September 30, 2008 Skeie Energy can elect to extend the firm contract period up to five years. Skeie Energy shall also have the option to extend the contract period with up to two optional extension periods, each with twelve months duration independent of whether the firm contract period is three years or more.

Skeie Energy was established in August 2007 and is an independent E & P company.


Kristiansand, January 15, 2008

Contact person: Birger Skeie, CEO
Phone + 47 97543193

SKDP - 3rd Quarter Report 2007

Company news

2007-11-16 13:13:17

Summary

The construction of the three ultra harsh environment jackup rigs at Keppel FELS shipyard in Singapore is developing as scheduled. The main activities up to now have been engineering and procurement of steel and equipment. The steel strike for the first rig will take place February 1, 2008 as planned.
The three rigs will all be delivered from the yard in the year 2010, March 31, August 31 and December 31.

Financial information

The consolidated condensed financial statements have been prepared in accordance with International Financial Standards (IFRS) and accounting standards for quarterly reporting (IAS 34).
We expect no material revenues before delivery of the rigs in 2010.
The operating loss for the third quarter of 2007 was USD 0,3 million. The operating expenses mainly consist of costs related to the management of the company and lawyer costs related to bid preparations etc.
The company established in beginning of July 2007 a Convertible Bond amounting NOK 660 million to finance part of the third jack-up rig under construction at Keppel FELS.
According the IFRS rules the conversion right has to be valued. The change in the value of the conversion right has to be booked in the profit and loss account under financial items. Net financial items for the third quarter amounted to USD 3,6 million. The net financial income consists mainly of change in value of the conversion right. The financial expenses consist of net foreign exchange loss (USD/NOK), mainly unrealized.
Net profit for the quarter is amounting to USD 3,345 mill.
As of 31 September 2007, the total assets amounting to USD 765 million of which the capitalization of construction in progress on the jack-up units represented USD 283,8 million. Yard costs, project management costs in accordance with management agreements and financial items related to the project are all included in the capitalized amount under "Rig under Construction" in the Balance Sheet.

Financing of the rigs

The company is presently finalizing the long-term bank financing for all three rigs, i.e. USD 225 mill per rig. With that in place a total financial package for the rigs has been secured.
The financing already arranged is consisting of three secured bond loans of USD 165 mill each, a convertible loan of USD 115 mill and equity amounting to USD 150 mill.


Market conditions

The market conditions are remaining strong both for pure drilling as well as combined drilling and production. On the Norwegian Continental shelf there is a considerable number of licenses that has not started exploration drilling yet while a big number of discovered fields has not started development yet. The major operators as well as smaller ones in the North Sea (NCS) are expected to come out with tenders within the next few months.
A limited number of rigs available for this market make the company confident that contracts can be secured within a reasonable short time.

Kristiansand, November 16, 2007

The Board of Directors

SKDP - Report 2nd Quarter 2007

Company news

2007-08-29 08:53:53

SUMMARY
Skeie Drilling & Production ASA was established in September 2006 as a private company initially owned by Skeie Group AS (90, 1%) and Keppel Offshore & Marine Ltd (9, 9%).
Skeie Group and Keppel worked for a long time to create a concept of a combined drilling and production jack up especially designed for the harsh environment of the Norwegian sector of the North Sea and at the same time meeting the most stringent rules and regulations on the NCS. It was all based on an anticipated growing market for this type of rigs in this area.
In December 2006 the construction contract for the first jack up rig was signed with Keppel FELS for delivery in March 2010. In February 2007 the second contract was signed for delivery of the rig in August 2010 while the third and last contract was signed June 22, 2007 with effective date July 9, 2007, for delivery of the rig in December 2010. The third contract has had no impact on the financials in the second quarter.
The three rigs have an average yard price of USDm 388 while the all in cost including capitalized interest, supervision etc is USDm 477. Thus the total investment is approximately USDm 1.430. This investment is being partly financed by way of equity and partly by loans.
In February 2007 the company's stocks were quoted on the OTC list in Oslo. This was done following a private placement that took place in February and which made the company public with 450 new shareholders. Presently Skeie Group AS holds 49, 0 % of the shares, Keppel holds some 5, 4 % while the rest is spread among external shareholders.
All three rigs will be owned by separate single purpose companies owned 100% by SKDP registered in Cyprus. The construction contracts with the yard have been assigned to the Cyprus companies.
In July SKDP exercised the option to acquire 51% of the shares of Offshore Production Services, the company that has been dedicated to operate the rigs after delivery.

CONSTRUCTION
The main activities so far in the project have been the engineering and purchase of equipment. The project is developing according to schedule.
The construction of the first rig will start February 1, 2008 when steel strike is beginning.

FINANCIAL INFORMATION
This quarterly report is prepared according to the International Financial Reporting Standards (IFRS) and the accounting standard for quarterly reporting (IAS 34). The quarterly accounts are based on the current IFRS standards and interpretations.
No material revenues from operations are expected before delivery of the rigs.
Operating result for the 2nd Quarter is showing a loss of MUSD 0,023. The expenses consist mainly of costs relating to operate the company and the subsidiaries. The operating costs in the 1st Quarter are much higher than in the 2nd Quarter. The higher costs in 1Q are mainly related to lawyers and auditor costs in connection with establishing the subsidiaries in Cyprus. Net financial items for the 2nd Quarter amounting to MNOK 1,77, is positively impacted mainly because of USD/NOK agio in the 2nd Quarter. Interest income and expenses related to the bond loans for construction and building of the rigs, are capitalized for rigs under construction in the Group balance sheet. All other costs relating to the building contract as engineering costs, management costs etc are also capitalized in the balance sheet under Rigs under Construction.
As per June 30, 2007 total assets amounting to MUSD 487, 2, is mainly related to construction contracts and bank deposits. The interest bearing debt is at the end of the Quarter net MUSD 321, 7.

FINANCING OF THE RIGS
The first two rigs were financed with an equity portion of USDm 150, two secured bond loans each of USDm 165 while the first priority loans is about to be arranged now with two times USDm 225.
In July the third rig was financed with a convertible bond loan of NOK 660 mill at a fixed interes rate of 6,95%, conversion rate NOK 31,75, a second priority bond loan of USDm 165 at a fixed interest rate of 11,25% while the process of arranging the first priority loan of USDm 225 is well underway.

MARKET CONDITIONS
The market for the company's rigs is still looking as promising as it has been seen for quite some time, both for pure drilling rigs as well as combined drilling & production rigs.
Statoil anticipates that within 2015, 20 - 30 % of their oil production on NCS will come from smaller fields with water depths where jack ups can be utilized. The fixed platforms are most probably history, while development with FPSO's and subsea solutions will need drilling rigs that are hard to come by in the current market.
Based on the very limited number of rigs approved for operation on NCS the company is very optimistic about securing contracts well in advance of delivery.

Kristiansand, 29 August 2007
The Board of Directors

SKDP - Søknad om opptak av selskapets aksjer til notering på Oslo Axess

Company news

2007-07-09 09:11:53

Styret i Skeie Drilling & Production ASA har besluttet å søke om opptak av selskapets aksjer til notering på Oslo Axess. Prosessen vil starte med juridisk og finansiell due diligence i månedsskiftet juli/august, formell søknad om opptak forventes sendt i andre halvdel av september og styrebehandling ved Oslo Børs antas å finne sted i slutten av oktober med etterfølgende notering.

Kristiansand 9. juli 2007

SKDP - Ekstraordinær generalforsamling avholdt

Company news

2007-07-06 13:50:10

Den ekstraordinære generalforsamlingen er avsluttet og vedtak om gjennomføring av det konvertible lånet på NOK 660.000.000,00 ble vedtatt.

Kristiansand, 6. juli 2007

SKDP - Order of a new jack up

Company news

2007-06-25 20:05:10

Reference is made to the press release dated 22 June 2007 regarding notice to extraordinary general meeting and the Board of Directors intention to exercise the option to construct a third jack-up unit.

Skeie Drilling & Production ASA (the "Company") has today exercised the option and entered into a contract with Keppel FELS Ltd. in Singapore to build a KFELS N-class harsh environment drilling and production jack-up. The contract price with the yard is USD 400 million, with delivery in December 2010.

The Company's strategy is to become a major participant in the harsh environment drilling and production jack-up market. With its three jack-up rigs, all delivered in 2010, the Company is well positioned to meet the significant demand seen for such rigs.

Total project cost for the new rig is estimated to approximately USD 500 million.

The jack-up rig will be financed through a convertible bond issue of NOK 660 million, a second priority bond issue of USD 165 million and first priority bank debt of USD 225 million.

The Company is pleased to announce that the convertible bond issue of NOK 660 million is fully subscribed, and was significantly oversubscribed. The bond will carry a coupon of 6.95 % p.a., with conversion price of NOK 30.75 and will mature in 2012.

Issuance of the bond is subject to approval by the extraordinary general meeting to be held on the 6 July 2007.

For further information, please contact Birger Skeie tel. +47 975 43 193.

Kristiansand, 25 June 2007.

SKDP - Bestilling av ny jack up

Company news

2007-06-25 11:24:30

Det vises til pressemelding datert 22. juni 2007 vedrørende innkalling til generalforsamling samt styrets intensjon om å utøve opsjonen for bygging av sin tredje rigg.

Skeie Drilling & Production ASA har i dag inngått kontrakt med Keppel FELS Limited i Singapore om bygging av ytterligere en N-Class jackup for kombinert boring og produksjon av olje og gass. Kontrakten representerer utøvelse av den opsjonsavtalen som ble inngått i desember 2006. Kontraktspris med verftet er USD 400 mill og levering av riggen vil finne sted i desember 2010.

Det er selskapets strategi å bli en betydelig aktør i markedet for jackuper for boring og produksjon i værharde forhold. Med tilsammen tre rigger, som alle vil bli levert i 2010, vil selskapet være meget godt posisjonert for å møte et marked som definitivt vil etterspørre denne type rigger.

Total prosjektpris for den nye riggen vil bli ca USD 500 mill.

Riggen vil bli finansiert med et konvertibelt obligasjonslån på totalt NOK 660 mill, et andre prioritetslån på USD 165 mill samt et første prioritets banklån på USD 225 mill.

Det konvertible obligasjonslånet på NOK 660 millioner er nå fulltegnet, og var betydelig overtegnet. Lånet vil ha en løpetid på 5 år, rente på 6.95% og en konverteringskurs på NOK 30.75.


Utstedelsen av lånet er betinget av godkjennelse fra den ekstraordinære generalforsamlingen som skal avholdes 6. juli 2007.

For ytterligere opplysninger, kan Birger Skeie kontaktes på tel. 975 43 193

Kristiansand 25. juni 2007

SKDP - Notice to Extraordinary General Meeting (EGM)

Company news

2007-06-22 12:09:25

Notice is hereby given that an extraordinary general meeting of Skeie Drilling & Production ASA (the "Company") will be held on 6 July 2007 at 10:00 hours at the Clarion Ernst Hotel, Rådhusgaten 2, Kristiansand.

Skeie Drilling & Production ASA entered into two agreements with Keppel FELS respectively on
6 December 2006 and 15 February 2007 for the design and construction of two KFELS N-class jack-up units with delivery in first quarter of 2010 and third quarter of 2010. The contracts include an option to design and construct a third jack-up unit for delivery in December 2010.

The board of the Company is now in the process of evaluating to exercise the option for the third jack-up unit. The contract price of the third jack-up unit is expected to be approximately USD 400 million.

In order to be positioned to finance and positioned for the potential exercise of the third option, the board is proposing to raise a subordinated convertible bond loan with a loan amount of at least NOK 600,000,000 but not exceeding NOK 700,000,000 to be placed to institutional and professional investors in Norway and internationally. Pareto Securities is mandated to seek to raise the potential convertible bond loan.

The notice has been sent to all shareholders in the Company with known address today.

For further information, please contact Birger Skeie, tel. + 47 38 04 19 46/Svein Anton Bjørnholmen, + 47 38 04 19 44

Encl.: Notice to EGM

Kristiansand, 22 June 2007

SKDP - 1st Quarter Report 2007

Company news

2007-05-23 13:36:37

Company facts
Skeie Drilling & Production ASA (SKDP) entered into a contract with Keppel Fels in 4th Quarter 2006 to build a harsh environment drilling and production jack-up. The jack-up is scheduled for delivery in March 2010. In February 2007 the company ordered another jack-up with same specifications. The contract price for the fist jack-up is USD 371 million and for the second unit USD 392 million. In addition the company has an option to order a third rig. The option expires in September 2007.

During the 1st Quarter 2007 the company has totally issued 68,100,000 new shares in order to finance the new building program. The share issues have given the company approx. NOK 940 million in new capital.
In addition the company has during the 1st Quarter secured two new 6 year Bond loans. The two loans are each USD 165 million with a 11,25% p.a. coupon rate. The loan proceeds are placed in escrow accounts to be used for yard payments and costs relating to the rig building. Maturity date for both loans is in 2013.
The company is working with different banks in order to obtain favorable 1. priority bank loans to finance in full the two jack-ups.

In February 2007 the company was listed on OTC in Oslo, Norway.

Results
The attached financial statement is prepared in accordance with International Financing Reporting Standards (IFRS).
The operating result for the 1st Quarter 2007 was a loss of USD 0,077 million. This is the first operating quarter with the rig building program. The operating expenses are mainly administration costs. All costs (project management, technical management etc.) relating to the jack-up building program are capitalized. The same are net interest cost relating to the bond loans.

The market
The market for harsh environment jack-up rigs is looking promising, in particular in the Norwegian Continental Shelf (NCS), but also in other harsh environment areas.

On the NCS a substantial amount of rig years will be needed while the number of rigs available and complying with the very stringent NCS rules and regulations, is highly limited. The company is in actual discussions with several operators about possible contracts.

Financing and Liquidity
Per end of 1st Quarter SKDP has paid 25% of the contract price equivalent to USD 92,7 million to Keppel Fels for the fist unit (10% was paid in 4Q 2006 and 15% paid in 1Q 2007). During the 1st Quarter 2007, the fist instalment (10% of contract value equal to USD 39,3 million) was paid for the second unit.
The company had USD 337,4 million in cash and cash equivalents at the end of 1st Quarter 2007. This includes USD 285 million in escrow accounts for use in the new building program.


Kristiansand, 23 May 2007

SKDP – Skeie Drilling & Production ASA er registrert på OTC – listen

Company news

2007-02-24 13:14:27

Skeie Drilling & Production ASA er registrert på OTC - listen f.o.m. 26. februar 2007. Ticker: SKDP. ISIN: NO 001 0357320. Antall aksjer utstedt av selskapet er 68,1 millioner. Emisjonsverdien på selskapet er NOK 1.246.230.000 basert på siste emisjonskurs i februar 2007 på kurs NOK 18,30. Pålydende per aksje er NOK 10,00. Selskapet har inngått avtale om bruk av meldingssystemet og vil kunne benytte dette fra og med 26. februar 2007.

Skeie Drilling & Production ASA har inngått kontrakter for bygging av to store såkalte harsh environment oppjekkbare bore- og produkjonsrigger ved Keppel FELS verftet i Singapore for levering i mars og august 2010. Riggene bygges i henhold til regelverket for bruk på norsk sokkel i Nordsjøen.