Announcements
2 May 2013 – BassDrill Delta Construction Contract
On 2 May 2013 BassDrill executes a contract for the construction and delivery of the BassDrill Delta (Delta) at Dalian Shipbuilding Industry Offshore Co. Ltd (DSIC). The Delta is the fourth unit in BassDrill’s fleet and is the second semi tender unit. This vessel will be built against a contract for Total Congo and for use on the Moho Nord development. The Delta is an enhanced version of the BassDrill Beta which is due for delivery in Q3 of 2013 heading for Brazil. The Delta is slated for delivery in Q2 of 2015.
2 May 2013 – BassDrill Ltd. 2012 Audited Financial Statements
Please find attached the audited consolidated financial statement for 2012 and 2011, as approved by the Company’s Board of Director’s.
FS 12-31-12 – BassDrill Ltd -FINAL
Contact Information:
Lasse B. Kjelsaas, CFO, +47 23003290, lasse.kjelsas@bassdrill.com
15 April 2013 - BassDrill Ltd. Successful placement of second lien bond issue
NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, HONG KONG OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.
BassDrill Beta Ltd. (Malta), a wholly owned subsidiary of BassDrill Ltd., has successfully completed the placement of a second lien bond issue of USD 75 million with maturity in April 2018. The settlement date for the bond issue is expected to be 24 April 2013. The bond carries an interest of 8.5%.
The proceeds from the bond issue will be used to partially finance the delivery installment of the semi-tender assist rig «BassDrill Beta» currently under construction at Dalian Shipbuilding Industry Offshore Co. Ltd, China, scheduled for delivery in August 2013.
Pareto Securities and Swedbank First Securities acted as Joint Lead Managers of the bond issue.
For further information:
Lasse B. Kjelsås, CFO BassDrill, +47 908 49 772
12 April 2013 - BassDrill Ltd. contemplating second lien bond issue
NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, HONG KONG OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.
BassDrill Beta Ltd. (Malta), a wholly owned subsidiary of BassDrill Ltd., is contemplating the issuance of second lien bonds in the Norwegian bond market with maturity in April 2018.
The proceeds from the contemplated bond issue will be used to partially finance the delivery installment of the semi-tender assist rig «BassDrill Beta» currently under construction at Dalian Shipbuilding Industry Offshore Co. Ltd, China, scheduled for delivery in August 2013.
Pareto Securities and Swedbank First Securities have been retained as Joint Lead Managers of the contemplated bond issue.
For further information:
Lasse B. Kjelsås, CFO BassDrill, +47 908 49 772
Pareto Securities: Inge Edvardsen +47 22 87 87 71
Swedbank First Securities: Håvard Kvam +47 23 11 62 53
24 March 2013 – BassDrill completes USD 80 million private placement
NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, HONG KONG OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.
The Board of Directors of BassDrill Ltd. has today resolved the allocation of shares in the USD 80 million private placement announced on 13 March 2013. A total of 50,000,000 new shares will be issued at a subscription price of USD 1.60 per share. The main purpose of the issue is to finance the first instalment on the BassDrill Delta newbuild and to provide working capital.
Reference is made to the press release regarding the private placement issued on 13 March 2013.
The company’s existing shareholders were given preferential rights to be allocated their relative share of the private placement, and HVAS Invest Zeta AS, the company’s largest shareholder, was allocated 66.5% of the offer shares, whereas Bass Invest AS (controlled by Erland Bassøe) and Erland Bassøe, together the company’s second largest shareholder, were allocated a total of 6.25% of the shares in the offering. The share issue is conditional upon receipt of confirmation of excemption from prospectus requirements in Bermuda, expected shortly.
Pareto Securities AS, SpareBank 1 Markets AS and Swedbank First Securities have acted as joint lead financial managers and ABN Amro Bank N.V. has acted as co-manager in connection with the private placement. Wikborg Rein has acted as legal advisor to the Company, and BAHR has acted as legal advisor to the Managers. Crux Kommunikasjon AS has acted as IR/communications advisors.
Contact information:
BassDrill Ltd.
Lasse B. Kjelsås
CFO
Tel: +47 908 49 772
E-mail: lasse.kjelsas@bassdrill.com
This announcement is not an offer to sell or the solicitation of an offer to participate in, or buy, any securities of the Company issued in connection with the Offering. Such securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Such statements relate to our future plans, expectations and prospects. Generally, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “predict,” “project,” “plan,” and similar expressions identify forward-looking statements. When we make forward-looking statements, we are basing them on our management’s beliefs and assumptions, using information currently available to us. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. We have no intention, and disclaim any obligation, to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.
22 March 2013 - BassDrill Awarded Contract from Total Congo
BassDrill secures contract for a new build semi tender assist unit from Total Congo to be used on the Moho Nord development offshore The Republic of Congo. This award follows an extended Compensated Call for Tender (CCFT) entered into in early 2012 whereby a select group of contenders were pre-qualified to design a modular drilling package to be used on the tension leg platform set to be deployed in 2015. The second stage involved a tender exercise which has now concluded. This semi tender “Delta” construction will commence in Q2 of 2013 with a delivery in Q2 of 2015. The drilling package will have a number of unique features specific to the needs to the long term drilling program, which is set to commence in Q3 of 2015. This will be BassDrill’s fourth unit and second semi tender.
13 March 2013 – BassDrill Ltd. contemplating USD 80 million private placement
NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, HONG KONG OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.
The Board of Directors of BassDrill Ltd. has resolved to carry out a private placement of 35,555,556 million new shares in BassDrill Ltd. The subscription price has been set at USD 2.25 per share. The main purpose of the issue is to finance the first instalment on the BassDrill Delta newbuild and to provide working capital.
HVAS Invest Zeta AS, the Company’s largest shareholder, holding 54.03% of the existing shares in BassDrill Ltd., has undertaken to subscribe for, and been guaranteed allocation of 54.03% of the offer shares. Erland Bassøe and Bass Invest AS (owned by Mr. Bassøe), owning a total of 14.24% of the existing shares in the company, has undertaken to subscribe for, and been guaranteed allocation of, 2,222,222 offer shares. The company will seek to give existing shareholders as recorded in the VPS 6 March 2013 preferential right to allocation of their pro rata portion of the offer shares.
The application period has been set to 13 March 2013 at 14:00 (CET) through 22 March 2013 at 08:30 (CET), although BassDrill Ltd. at any time may close or extend the application period at its own discretion. The offering will be directed to existing shareholders and Norwegian and international investors contacted by the Managers. The minimum subscription will be a USD amount equalling EUR 100,000, except for existing shareholders as recorded in the VPS 6 March 2013, and the offer is exempted from the prospectus requirements under the Norwegian Securities Trading Act chapter 7.
Recent developments
The tender rig market has developed favorably during the first quarter of 2013, confirming a continued positive trend experienced over the past several years. As part of this positive market sentiment, BassDrill anticipates being awarded a contract for the semi tender rig BassDrill Delta in the near future. This will be a new addition to BassDrill’s tender rig fleet and the company is currently in the final stages of negotiating a construction contract with a shipyard in this regard.
BassDrill is a leading tender rig company that currently operates and manages the tender barge BassDrill Alpha (25.26 percent ownership), which is under contract for Total E&P Congo. Furthermore, BassDrill has two wholly owned tender rigs under construction at Dalian Shipbuilding Industry Offshore Co. Ltd. The semi tender rig BassDrill Beta is contracted for 1,500 days to Petrobras for a deep water development offshore Brazil starting 4Q 2013, whereas the heavy tender barge BassDrill Gamma, scheduled for delivery in 3Q 2014, is currently being marketed for opportunities in the market and BassDrill expects to announce a charter contract later this year.
Pareto Securities AS, SpareBank 1 Markets AS and Swedbank First Securities will act as joint lead financial managers and ABN Amro Bank N.V. has acted as co-manager in connection with the private placement. Wikborg Rein has acted as legal advisor to the Company and BAHR has acted as legal advisor to the Managers. Crux Kommunikasjon AS has acted as IR/communications advisors.
For further information:
Kerry Kunz, President BassDrill, +1 832 715 2465
Lasse B. Kjelsås, CFO BassDrill, +47 908 49 772
This announcement is not an offer to sell or the solicitation of an offer to participate in, or buy, any securities of the Company issued in connection with the Offering. Such securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Such statements relate to our future plans, expectations and prospects. Generally, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “predict,” “project,” “plan,” and similar expressions identify forward-looking statements. When we make forward-looking statements, we are basing them on our management’s beliefs and assumptions, using information currently available to us. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. We have no intention, and disclaim any obligation, to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.
1 February 2013 – Vice President of Projects
Mike Smith has joined BassDrill in the capacity of Vice President of Projects. Owing to the increasing number of projects and with more expected, BassDrill has elected to establish a department specifically to control, monitor and deliver new build projects in line with expectations. Mr. Smith, who holds a Master’s Degree in Naval Architecture, has a lengthy background in the offshore industry including new builds. We welcome Mr. Smith to BassDrill and look forward to his knowledge being used to further the growth of the company.
21 November 2012 – BassDrill Ltd – Third quarter 2012 financial statements
Please find enclosed BassDrill Ltd.’s unaudited financial statements per 30 September 2012, as approved by the company’s board of directors.
BassDrill Q3 2012 financial statements
Contact information:
BassDrill Ltd.
Lasse B. Kjelsås
CFO
Tel: +47 908 49 772
E-mail: lasse.kjelsaas@bassdrill.com
19 November 2012 – BassDrill Ltd – Commencement of Phase II of management contract with Daewoo International
BassDrill has consummated phase II of the contract with Daewoo International for the management of the operator owned integrated platform drilling rig due to be set in position early 2013 in waters offshore Myanmar.
The contract involves the complete management of the drilling unit and shore bases service for the duration of the SHWE drilling program. BassDrill previously managed phase I which involved rig management during the design and construction phase from mid-2009 to the conclusion of phase I, which coincided with the commencement of phase II.
Contact information:
BassDrill Ltd.
Lasse B. Kjelsås
CFO
Tel: +47 908 49 772
E-mail: lasse.kjelsaas@bassdrill.com
19 November 2012 – BassDrill Ltd (BDRL) – Total Congo extends contract for the BassDrill Alpha
November 16, 2012 Total Congo and BassDrill have executed an agreement to extend the present contract for the BassDrill Alpha for a two year firm period commencing at the conclusion of the present 12 well contract. The contract extension will commit the Alpha through the end of 2015. An option to further extend the Alpha for an additional period has also been agreed to.
Contact information:
BassDrill Ltd.
Lasse B. Kjelsås
CFO
Tel: +47 908 49 772
E-mail: lasse.kjelsaas@bassdrill.com
11 October 2012 – BassDrill Ltd – Petrobras extends contract on the BassDrill Beta
On 10 October 2012 Petrobras exercised its right to extend the contract duration for the BassDrill Beta from the original term of 945 days to 1500 days. The Beta, currently under construction, is set for delivery in August 2013 and will thereafter be immediately mobilized to Brazil where it will commence the drilling campaign on the Papa Terra TLWP.
Contact information:
BassDrill Ltd.
Lasse B. Kjelsås
CFO
Tel: +47 908 49 772
E-mail: lasse.kjelsaas@bassdrill.com
10 October 2012 – BassDrill Ltd – Construction Contract for BassDrill Gamma Effectuated
BassDrill effectuated it’s previously negotiated construction contract (cf. announcement of 22 August) for it’s third vessel “Gamma” with Dalian Shipbuilding Industry Co. Ltd. and Dalian Shipbuilding Industry Offshore Co. Ltd. (together, DSIC). This marks the commencement of the 21 month construction and delivery period. The Gamma is being actively marketed in the traditional tender assist regions of SE Asia and West Africa.
Contact information:
BassDrill Ltd.
Lasse B. Kjelsås
CFO
Tel: +47 908 49 772
E-mail: lasse.kjelsaas@bassdrill.com
18 Septemer 2012 – BassDrill Ltd has received Confirmation of Improved Terms
With reference to the announcement made 12 September 2012 regarding BassDrill having accepted an offer for improved payment terms for the newbuild BassDrill Gamma, these terms have today been approved and ratified by the board of the Dalian Shipbuilding Industry Company Ltd.
The renegotiated payment terms involve a down payment of 15 percent by BassDrill for construction on the BassDrill Gamma to commence and the construction contract to become effective, with the remaining being payable upon delivery.
For further information:
Lasse B. Kjelsaas
CFO
Tel: + 47 23 00 10 12
E-mail: lasse.kjelsas@bassdrill.com
17 September 2012 – BassDrill Ltd. completes USD 35 million private placement
NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, HONG KONG OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.
The Board of Directors of BassDrill Ltd. has resolved on the allocation in a USD 35 million private placement. A total of 25,000,000 new shares will be issued at a subscription price of USD 1.40 per share. The main purpose of the issue is to finance the first instalment on the BassDrill Gamma newbuild and to provide working capital.
The company’s existing shareholders were given preferential rights to be allocated their relative share of the private placement, and HVAS Invest Zeta AS, the Company’s largest shareholder, was allocated 56.8% of the offer shares, whereas Bass Invest AS (controlled by Erland Bassøe) and Erland Bassøe, together the company’s second largest shareholder, were allocated a total of 14.2% of the shares in the offering.
Reference is made to the press release regarding the private placement issued on 4 September 2012.
The subscription period was extended to 14 September at 16:30 CET, and the total offer size was reduced to USD 35 million due to improved payment terms with the Dalian Shipbuilding Industry Company Offshore Ltd. and Dalian Shipbuilding Industry Company Ltd. for the construction of the tender assist unit BassDrill Gamma.
Payment for the allocated shares will take place on or about 26 September 2012, and the registration of the new share capital in the Register of Members in Bermuda is expected to take place on or about 28 September 2012, conditional upon receipt of an exemption from prospectus requirements in Bermuda expected shortly. The new shares are expected to be delivered to the subscribers on or about 1 October 2012.
Arctic Securities ASA, Pareto Securities AS and SpareBank 1 Markets AS have acted as joint lead financial managers in connection with the private placement. Wikborg Rein has acted as legal advisor to the Company and Schjødt has acted as legal advisor to the Managers. Crux Kommunikasjon AS has acted as IR/communications advisors.
For further information:
Lasse B. Kjelsaas
CFO
Tel: + 47 23 00 10 12
E-mail: lasse.kjelsas@bassdrill.com
This announcement is not an offer to sell or the solicitation of an offer to participate in, or buy, any securities of the Company issued in connection with the Offering. Such securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Such statements relate to our future plans, expectations and prospects. Generally, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “predict,” “project,” “plan,” and similar expressions identify forward-looking statements. When we make forward-looking statements, we are basing them on our management’s beliefs and assumptions, using information currently available to us. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. We have no intention, and disclaim any obligation, to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.
12 September 2012 – Improved shipyard terms for the BassDrill Gamma
BassDrill has accepted an offer for improved payments terms for the newbuild construction contract for the heavy tender barge BassDrill Gamma with Dalian Shipbuilding Industry Company Offshore Ltd. (DSIC Offshore) and Dalian Shipbuilding Industry Company Ltd. (DSIC). The offer stipulates a down payment of 15 percent and the remainder upon delivery. The original construction contract entered into in Q2 2012 stipulated a 20 percent down payment.
The improved payment terms is contingent on formal DSIC board approval, expected by September 17 2012.
BassDrill will make the down payment by 1 October 2012, making the construction contract effective.
For further information:
Lasse B. Kjelsaas
CFO
Tel: + 47 23 00 10 12
E-mail: lasse.kjelsas@bassdrill.com
5 September 2012 – Annual General Meeting held in BassDrill Ltd.
Reference is given to the notice of the Annual General Meeting on 21 August 2012.
The Annual General Meeting of the Company was held today at the Company’s offices at Canon’s Court, 22 Victoria Street, Hamilton HM12, Bermuda. All items as proposed on the agenda were adopted. Please find attached the minutes of the meeting.
AGM minutes BassDrill sept 2012
For further information:
Lasse B. Kjelsaas
CFO
Tel: + 47 23 00 10 12
E-mail: lasse.kjelsas@bassdrill.com
5 September 2012 – BassDrill Ltd. announces private placement
NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, HONG KONG OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.
The Board of Directors of BassDrill Ltd. has resolved to carry out a private placement of 28,571,428 million new shares in BassDrill Ltd. The subscription price has been set at USD 1.40 per share. The main purpose of the issue is to finance the first instalment on the BassDrill Gamma newbuild and to provide working capital.
HVAS Invest Zeta AS, the Company’s largest shareholder, holding 52.6%, has pre-subscribed and will be allocated 52.6% of the offer shares. Existing shareholders as recorded in the VPS 4 September 2012 will be given preferential right to allocation of their pro rata portion of the new shares.
The application period has been set to 5 September 2012 at 09:00 (CET) through 11 September 2012 at 16:30 (CET), although BassDrill Ltd. at any time may close or extend the application period at its own discretion. The offering will be directed to existing shareholders and Norwegian and international investors contacted by the Managers. The minimum subscription will be a USD amount equalling EUR 100,000, except for existing shareholders as recorded in the VPS 4 September 2012, and the offer is exempted from the prospectus requirements under the Norwegian Securities Trading Act chapter 7.
Recent developments
The tender rig market has developed favorably during the first half year of 2012, confirming a positive trend experienced over the past several years. BassDrill currently operates and manages the tender barge BassDrill Alpha (25.3 percent ownership), which is under contract for Total E&P Congo.
The semi tender rig BassDrill Beta (100 percent ownership) is under construction at Dalian Shipbuilding Industry Offshore Co. Ltd. and is contracted to Petrobras for a deep water development offshore Brazil. During the summer, BassDrill received confirmation that the board of Petrobras has approved an extension of the contract period from 945 days to 1,500 days. This proposed extension is subject to final partner approval. Petrobras has in addition initiated and approved upgrades to the rig totaling USD 53 million. According to Petrobras’ proposal, 50% of the cost of these upgrades shall be covered by Petrobras up front, upon delivery in China, and 50% from increased day rates, if the contract term is extended to 1,500 days. For a 945 day contract term, 100% of the upgrade costs would be payable up front on delivery in China.
As announced on 22 August 2012, BassDrill has expanded its portfolio of units, and entered into a contract to construct the tender assist unit BassDrill Gamma with Dalian Shipbuilding Industry Co. Ltd and Dalian Shipbuilding Industry Offshore Co. Ltd. The contract will becomes effective on certain conditions thereunder payment of the first installment, which is expected on or before 1 October 2012. The parties also entered into option agreements for the construction of up to four additional units.
“The tender rig market is currently experiencing strong demand. Combined with high growth in deepwater field development projects, we consider the market outlook to be strong as well. BassDrill has reached some significant milestones over the last months, and we are excited to actively seek further opportunities in a buoyant drilling market,” says Kerry Kunz, CEO of BassDrill Ltd.
Arctic Securities ASA, Pareto Securities AS and SpareBank 1 Markets AS will act as joint lead financial managers in connection with the private placement. Wikborg Rein has acted as legal advisor to the Company and Schjødt has acted as legal advisor to the Managers. Crux Kommunikasjon AS has acted as IR/communications advisors.
For further information:
Kerry Kunz, President BassDrill, +1 832 715 2465
Lasse B. Kjelsås, CFO BassDrill, +47 908 49 772
This announcement is not an offer to sell or the solicitation of an offer to participate in, or buy, any securities of the Company issued in connection with the Offering. Such securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Such statements relate to our future plans, expectations and prospects. Generally, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “predict,” “project,” “plan,” and similar expressions identify forward-looking statements. When we make forward-looking statements, we are basing them on our management’s beliefs and assumptions, using information currently available to us. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. We have no intention, and disclaim any obligation, to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.
22 Aug 2012 – BassDrill Orders Third Tender
BassDrill’s board of directors has approved the order of a third tender assist unit, the “Gamma“, under a turn-key construction contract with Dalian Shipbuilding Industry Co. Ltd. and Dalian Shipbuilding Industry Offshore Co. Ltd. (together, DSIC). The contract price for the Gamma is USD124 million with a 21-month delivery period. The parties also concluded option agreements for the construction of up to four additional units.
The Gamma, and any other units that are ultimately contracted, will be constructed on a turn-key basis in Dalian, China, where BassDrill’s semi tender, the “Beta“, is presently under construction for charter to Petrobras. Each unit built under the construction contract with DSIC has a 21-month delivery period from the effective date of the relevant construction contract. The construction of the Gamma will commence upon making the initial payment. “We’re pleased to announce this contract. Gamma represents an important step in the development and progress of BassDrill. The outlook for the tender rig market is very positive, and adding this new unit to our existing operation and the Beta unit already contracted by Petrobras will confirm our position as a leading challenger in a market segment set for strong growth”, says BassDrill President, Kerry Kunz.
The Gamma has been designed and configured for deep-drilling operations and contains a number of attributes for both safety and efficiency. The modular mast equipment packages will be constructed by a third-party provider and integrated with the vessel during the commissioning phase. The mast equipment package is designed for minimal lifts in order to reduce the assembly and moving times between platforms.
BassDrill is very pleased with the expanded working relationship with DSIC and believes that the Gamma will prove attractive to operators in both South East Asia and West Africa.
For further information:
Kerry Kunz, President BassDrill, +1 832 715 2465
Lasse B. Kjelsås, CFO BassDrill, +47 908 49 772
21 Aug 2012 – BassDrill Ltd. (BDRL) Notice of Annual General Meeting Attached the notice that the 2012 Annual General Meeting (“AGM”) of the Company will be held at Canon’s Court, 22 Victoria Street, Hamilton HM 12, Bermuda, on: 5 September, 2012 at 3:00 pm (CET).
In addition to the customary business of the AGM, the Board of Directors proposes for the consideration and approval of the AGM an increase in the Company’s authorized capital to be used in one or more share offerings to existing shareholders and new investors.
Shareholders of the Company are asked to submit their proxies for participation to the Company’s registrar in DNB Bank ASA no later than 12:00 CET on 4 September 2012, as further instructed in the attached notice of the AGM.
Contact person:
BassDrill Ltd.
Lasse B. Kjelsaas
CFO
Tel: + 47 23 00 10 12
E-mail: lasse.kjelsas@bassdrill.com
Notice of Annual General Meeting BassDrill Ltd
14 Aug 2012 – Enhancements to BassDrill Beta, Revised Delivery Date
On July 27, 2012 Petrobras approved an upgrade to the mooring system along with other required enchancments to the BassDrill Beta semi tender assist unit under construction at DSIC. The enchancements were deemed necessary in order to maximize uptime during the drilling of the Papa Terra development program. In order to perform the required upgrades, a revised delivery date has been agreed to between the parties of October 2013.
13 Aug 2012 – BassDrill Ltd. 2012 H1 Financial Statements Please find attached BassDrill Ltd.’s unaudited financial statements for H1 2012, as approved by the company’s board of directors.
24 May 2012 – Bjørn C. Jacobsen appointed to BassDrill Ltd.’s Board of Directors
With reference to the stock exchange announcement on May 16, Mr. Bjørn C. Jacobsen was appointed to be a member of the BassDrill Ltd.’s Board of Directors, with effect from the time of listing. Following the decision to withdraw the application for listing of the company’s shares on the Oslo Stock Exchange, announced on May 24, the Board has decided to appoint Jacobsen as board member with immediate effect.
24 May 2012 – BassDrill postpones OSE listing
Oslo, 24 May 2012.
BassDrill Ltd. has decided to withdraw the application for listing of the company’s shares on the Oslo Stock Exchange (OSE). The decision is based on an evaluation of the recent market conditions. The company retains its ambition to seek a listing when market conditions stabilize.
The tender rig market has developed favorably during the first months of 2012 confirming a positive trend experienced over the past several years. BassDrill, which currently operates and manages the tender barge BassDrill Alpha (25.3 percent ownership) which is under contract for Total Congo, and has the semi tender rig BassDrill Beta (100 percent owned) under construction and will go on contract to Petrobras, is well positioned in this growth market.
The company maintains its ambition to pursue growth opportunities and aim for the position as the leading challenger in the tender rig segment of the offshore rig market. However, in the present situation in the financial markets, it is the Boards’ view that not even quality investment cases receive a market pricing that reflects the underlying values and its potential for value creation. In combination with advice from the company’s financial advisors BassDrill’s Board of Directors has thus concluded to pursue growth opportunities without seeking an OSE listing in June as originally planned.
BassDrill intends to proceed with its growth plans and ambitions by implementing a financial strategy that will satisfy the Company’s capital requirements going forward, when and as needed, supported by anchor investor HitecVision Asset Solutions.
The shares in BassDrill will remain tradable via the Norwegian OTC market.
16 May 2012 – Bjørn C. Jacobsen appointed to BassDrill Ltd.’s Board of Directors
Mr. Bjørn C. Jacobsen has been appointed to be a member of the BassDrill Ltd.’s Board of Directors. BassDrill Ltd. submitted its application for listing of the company’s shares on the Oslo Stock Exchange on 14 May 2012 and Jacobsen will assume the position as board member with effect from the time of listing.
Bjørn Jacobsen has 27 years of working experience after his business degree (The Norwegian School of Economics and Business Administration (NHH), 1984). During 14 of these he has been head of research/analyst with different Nordic investment banks. The latest four and a half years he has been a rig broker at the offices of Fearnley Offshore and RS Platou (USA) Inc., respectively, in Houston. Jacobsen has significant experience and network from working towards both existing major drilling contractors as well as with newcomers to the business both in the US, Greece and other regions of the world.
15 May 2012- BassDrill applies for listing on the Oslo Stock Exchange
Tender drilling contractor BassDrill Ltd has applied for listing of the company’s shares on the Oslo Stock Exchange. The main reason for seeking listing is to attain access to the equity market to facilitate continued growth of the company. The tender rig market is strong and a listing will improve BassDrill’s ability to pursue attractive growth opportunities and aim for the position as the leading challenger in this segment of the offshore rig market.
BassDrill operates and manages the tender barge BassDrill Alpha (25.3 percent ownership), which is under contract for Total Congo. The company’s second vessel, the semi tender rig BassDrill Beta (100 percent owned) is under construction at Dalian Shipbuilding Industry (China), and will go on contract to Petrobras immediately following delivery from the yard and mobilization to Brazil in Q2 2013.
BassDrill has a fully operational organization comprised of senior personnel with specialized competence in design of modular drilling equipment, proven experience in construction management and operation of platform and tender drilling rigs. The Company’s main shareholder is HitecVision Asset Solutions (HitecVision), holding about 52.6 percent of the shares. BassDrill is headquartered in Houston, Texas and is currently listed on the Norwegian OTC list (ticker code: BDRL). Further information is available on the company’s website www.bassdrill.com.
BassDrill is hopeful that the listing application will be considered at Oslo Stock Exchange’s board meeting on June 13 2012. BassDrill has engaged Pareto Securities, Arctic Securities and Sparebank1 Markets as financial advisors, Wikborg Rein and Schjødt as legal advisors and Crux Kommunikasjon AS as IR/communications advisor in connection to the proposed IPO.
10 May 2012 – BassDrill Ltd. 2011 Financial Statements
Please find enclosed BassDrill Ltd.’s audited 2011, 2010 and 2009 financial statements, as approved by the Board of Directors.
FS 12-31-11 – BassDrill Ltd FINAL
3 May 2012 – Cancellation of Award by CNRI
CNRI has elected to cancel the unconditional letter of award in place for the BassDrill Alpha for a contract in the Ivory Coast. This comes as a result of the BassDrill Alpha being unavailable for CNRI following confirmation that the rigs present contract with Total will extend for a longer duration that initially anticipated. All options on the BassDrill Alpha have been exercised and it is now expected that the BassDrill Alpha will remain under contract with Total until late 2013.
13 Apr 2012 – Resignation of Board Member
Board Member Roy Hallås has elected to resign in order to pursue other interests. Mr. Hallås is assuming the position of COO in Sirius Offshore. The Board would like to express their appreciation to Roy for his contribution to the company and wish him the very best of success in his future endeavors
07 Mar 2012 – Resignation of Board Member
Board Member Staale Rod has elected to resign in order to pursue other interests. The Board would like to express their appreciation to Staale for his contribution to the company and wish him the very best of success in his future endeavors.
5 Mar 2012- Board resolves to allocate New Shares in the Rights Issue
Reference is given to the previous announcements by BassDrill Ltd. (the “Company”) in relation to the Rights Issue of New Shares in the Company.
Following the SGM held at 3 pm CET today the board has resolved to allocate the New Shares in accordance with the terms of the Subscription Agreement. Allocation Letters will be sent to the subscribers on 6 March 2012, including payment instructions and timing for the settlement of the New Shares.
This announcement does not constitute an offer to buy, subscribe or sell any of the securities described herein, and no securities are being offered or sold pursuant to it.
All information given or sent to the shareholders of the Company will be available on the NOTC information web and on the Company’s web-site.
5 Mar 2012- Result of subsciption in the Rights Issue
Reference is given to the previous announcements by BassDrill Ltd. (the “Company”) in relation to the Rights Issue of New Shares in the Company.
The subscription period in the Rights Issue ended 2 March 2012 at 17.30 (CET). The Company is happy to announce that the offering was oversubscribed by close to 36 percent. More than 84 percent of the preferential rights to subscribe new shares were exercised. Following the SGM to be held at 3 pm CET today and conditional upon approval of the proposed increase of the Company’s Authorised Capital by USD 10,000,000.00 comprising 10,000,000 new shares with par value USD 1 per share, it is expected that the board will resolve allocation of the shares offered in the Rights Issue following the SGM.
This announcement does not constitute an offer to buy, subscribe or sell any of the securities described herein, and no securities are being offered or sold pursuant to it.
All information given or sent to the shareholders of the Company will be available on the NOTC information web and on the Company’s web-site.
5 Mar 2012- Result of the Special General Meeting
Reference is given to the notice of the Special General Meeting on 21 February 2012.
The Special General Meeting of the Company was held today at the Company’s offices at Canon’s Court, 22 Victoria Street, Hamilton HM12, Bermuda. Please find attached the minutes of the meeting.
The Company is happy to announce that the Special General Meeting of the Company by an affirmative vote of 37,983,944 shares, equal to 100 % of the votes represented at the general meeting voted in favour of the proposal for issuance of up to 10,000,000 new common shares to be used in one or more offerings of shares to existing shareholders with pre-emptive rights.
This announcement does not constitute an offer to buy, subscribe or sell any of the securities described herein, and no securities are being offered or sold pursuant to it.
All information given or sent to the shareholders of the Company will be available on the NOTC information web and on the Company’s web-site.
2 Mar 2012- Rights Issue – Subscription Period ends today, 2 March 2012
Reference is given to the announcement by BassDrill Ltd. (the “Company”) on 8 February 2012 regarding a contemplated Rights Issue of New Shares in the Company.
The subscription period for the Rights Issue ends today, 2 March 2012 at 17.30 hours (CET).
This announcement does not constitute an offer to buy, subscribe or sell any of the securities described herein, and no securities are being offered or sold pursuant to it.
21 Feb 2012- Notice of Special General Meeting
Reference is given to the announcement by BassDrill Ltd. (the “Company”) on 8 February 2012 and 20 February 2012 regarding a Rights Issue in the Company. Completion of the Rights Issue is conditional upon approval of an increase of the authorized capital of the Company by the shareholders.
Attached the notice for a Special General Meeting of the Company to be held on 5 March 2012 at Canon’s Court, 22 Victoria Street, Hamilton HM12, Bermuda at 3 PM CET (the “SGM”). The purpose of the Special General Meeting is to approve the increase of the authorised capital of the Company by 10,000,000 new Common Shares, each with a nominal value of USD 1 per share, to be used in one or more rights offerings of shares to existing shareholders.
Shareholders of the Company are asked to submit their proxies for participation to the Company’s registrar in DNB Bank ASA no later than 12:00 CET on 2 March 2012, as further instructed in the attached notice of the SGM.
This announcement does not constitute an offer to buy, subscribe or sell any of the securities described herein, and no securities are being offered or sold pursuant to it.
21 Feb 2012 – First day of trading exclusive right to participate in Rights Issue
Reference is given to the announcement by BassDrill Ltd. (the “Company”) on 20 February 2012 regarding the right to participate in the contemplated Rights Issue.
The first day of trading exclusive right to participate in the offering is today, 21 February 2012. The right to participate in the offering will not be transferrable.
This announcement does not constitute an offer to buy, subscribe or sell any of the securities described herein, and no securities are being offered or sold pursuant to it.
20 Feb 2012- Share transfer and grant of share options
The CFO of the Company, Mr. Lasse B. Kjelsaas, has today through his wholly owned company Danic AS purchased 66,660 shares from the Company at NOK 7.60 per share and has been granted 333,334 share options at the terms outlined below.
The purchase price equals the price BassDrill purchased the shares for at 16 August 2011, the same date BassDrill entered into an employment contract with Mr. Kjelsaas for the position of CFO, for the purpose of subsequently transferring shares to Mr. Kjelsaas in accordance with the terms of said employment contract. Mr. Kjelsaas first assumed the position of CFO in BassDrill at 1 January 2012.
Following the transaction, the Company no longer holds any own shares. Mr. Kjelsaas / Danic AS holds 66,660 shares and 333,334 share options.
Share Option Program The Board of Directors is authorized to issue up to 4,734,000 share options. The exercise price per share is USD 1.706 plus an aggregated amount equal to 12% increase p.a. from the time of grant. The share options shall vest and may be exercised in whole or in parts at the earlier of (i) a mandatory offer for all the shares of the Company, provided that the sum of the offeror’s holding of shares in the Company and acceptances received in the mandatory offer represents more than 50% of the total number of issued shares in the Company before exercise of any options or (ii) three years after issuance, and must be exercised within 5 years after issuance. As of today, 3,947,134 share options have been issued to the board and management.
17 Feb 2012- Company Presentation
On 17 February the Company hosted an owners meeting as announced on 8 February 2012. Attached is the presentation given at the meeting.
This announcement does not constitute an offer to buy, subscribe or sell any of the securities described herein, and no securities are being offered or sold pursuant to it.
20 Feb 2012- Rights Issue – Information letter to BassDrill’s shareholders
Reference is given to the announcement by BassDrill Ltd. (the “Company”) on 8 February 2012 regarding a contemplated Rights Issue of New Shares in the Company.
Please find attached the information letter to be sent to shareholders who own shares on 20 February 2012, who are eligible to participate in the Rights Issue. This information letter, together with the Subscription Agreement and the Term Sheet, the two latter having been posted with previous announcements on the NOTC information web (and the Company’s web site) made today, 20 February 2012, constitute the full and prevailing documents with regards to transaction particulars and the terms of the subscription.
This announcement does not constitute an offer to buy, subscribe or sell any of the securities described herein, and no securities are being offered or sold pursuant to it.
All information given or sent to the shareholders of the Company will be available on the NOTC information web and on the Company’s web-site.
Information letter – Bassdrill
Bassdrill – Subscription Agreement
BassDrill NOTC announcement 8 February 2012
20 Feb 2012 – Last day of trading inclusive rights to participate in Rights Issue
Reference is given to the announcement by BassDrill Ltd. (the “Company”) on 8 February 2012 regarding the Rights Issue in the Company.
Last day of trading with right to participate in the offering is today, 20 February 2012. The right to participate in the offering will not be transferrable. Each share owned 20 February 2012 will entitle the Eligible Shareholders to 0.05 New Shares, rounded down nearest whole share.
This announcement does not constitute an offer to buy, subscribe or sell any of the securities described herein, and no securities are being offered or sold pursuant to it.
All information given or sent to the shareholders of the Company will be available on the NOTC information web and on the Company’s web-site.
20 Feb 2012 – Rights Issue – Subscription period starts
Reference is given to the announcement by BassDrill Ltd. (the “Company”) on 8 February 2012 regarding a contemplated Rights Issue of New Shares in the Company.
The subscription period for the Rights Issue will commence on 20 February 2012. Shareholders who own shares on 20 February 2012 are eligible to participate in the Rights Issue. Please find attached the subscription agreement and term sheet.
This announcement does not constitute an offer to buy, subscribe or sell any of the securities described herein, and no securities are being offered or sold pursuant to it.
All information given or sent to the shareholders of the Company will be available on the NOTC information web and on the Company’s web-site.
Bassdrill – Subscription Agreement
08 Feb 2012- Invitation to Meeting on BDL Share Offer
BassDrill Ltd. (the “Company”) announces that the Board of the Company has resolved (conditional upon subsequent approval by the shareholders) to complete a share offering directed to existing shareholders with pre-emptive right to allocation, during the first quarter of 2012.
The Company invites all its shareholders to an information meeting at HitecVision AS’ offices at Dronning Mauds gate 11, 4th floor in Oslo, on February 17, 2012 at 10:00 hrs. CET to provide expanded information on the Company’s status and plans. The invitation is attached and will be sent by mail to all shareholders registered appearing in the VPS transcript on February 8, 2012. The presentation given at the meeting will be published on the NOTC web-site as well as the Company’s web-site simultaneously with the meeting.
The funds will be raised for the purpose of funding BassDrill Alpha Ltd. related investments and general working capital. The offering comprises approximately 2.29 million new shares offered at a subscription price of USD 2.24 per share, raising approximately USD 5.1 million. Eligible shareholders will be those owning shares as of February 20, 2012 who will appear in the VPS register following a regular T+3 settlement procedure in the VPS (i.e. in the VPS list available in the morning on February 24, 2012).The last day of trading with right to participate in the offering is accordingly February 20, 2012 and the first day of trading exclusive of the right to participate in the offering is February 21, 2012. The right to participate in the offering will not be transferrable.
The Company’s two main shareholders, HVAS Invest Zeta As and Bass Invest AS / Erland Bassoe, holding 51.2 and 14.2 percent respectively of the outstanding shares in BassDrill Ltd., have communicated to the Company’s Board of Directors that they will exercise all of their pre-emptive rights to subscribe in the share offering.
Conclusion of the offering is conditional upon, i.a. full subscription of the offer by existing shareholders, subsequent shareholder approval, no prospectus requirements being triggered (which for practical purposes means that the total number of eligible shareholders cannot be 100 or more) and such other terms and conditions normally applied in share offerings with pre-emptive rights to existing shareholders.
The Company notes that all information given or sent to the shareholders of the Company will be available on the NOTC information web and on the Company’s web-site.
Owner’s Meeting on 17 Feb 2012 in Oslo
19 Dec 2011 – CNR International Letter of Award
On December 19, 2011 BassDrill Alpha Ltd. received a Letter of Award from CNR International (Cote d’Ivoire) S.A.R.L. for the provision of the BassDrill Alpha for use on the Espoir Phase III drilling program in Cote d’Ivoire (Ivory Coast). The primary term of the contract is for eight (8) wells plus options and the commencement of this contract will occur immediately following the BassDrill Alpha’s current commitment with Total E&P Congo.
25-Oct-2011- Total E&P Congo Commencement of Contract
The BassDrill Alpha commenced its contract with Total E&P Congo just prior to mobilizing to the initial platform. The BassDrill Alpha will be undertaking an ambitous re-entry program for Total on a number of fixed platforms. The configuration and light weight of the BassDrill Alpha’s MEP (Mast Equipment Package) is well suited to the Total platforms offshore The Congo.
22-Sep-2011 - BASSDRILL LTD – SHARE TRANSFER AND GRANT OF SHARE OPTIONS� The Chairman of the Company, Mr. Helge Haakonsen, has today purchased 50,000 shares from the Company at USD 1.3988 per share and has been granted 300,000 share options at the terms outlined below.
Following the transaction, the Company holds 66,600 shares and Mr. Haakonsen holds 50,000 shares and 300,000 share options.
Share Option Program The Board of Directors is authorized to issue up to 4,734,000 share options. The exercise price per share is USD 1.706 plus an aggregated amount equal to 12% increase p.a. from the time of grant. The share options shall vest and may be exercised in whole or in parts at the earlier of (i) a mandatory offer for all the shares of the Company, provided that the sum of the offeror’s holding of shares in the Company and acceptances received in the mandatory offer represents more than 50% of the total number of issued shares in the Company before exercise of any options or (ii) three years after issuance, and must be exercised within 5 years after issuance. As of today, 3,613,800 share options have been issued to the board and management.
For further information, please contact: Ole Geir Hagen, acting CFO, tel. +47 2300 1009 or +47 9760 0380
16-Sep-2011 - Total E&P Congo Contract Award for BassDrill Alpha
On September 16, 2011 Total E&P Congo issued a Contract Award for a multiple platform - multiple well program for the BassDrill Alpha commencing Q4, 2011. This contract will see the BassDrill Alpha active into Q2 of 2012 and is complete with multiple options.
15-Sep-2011 - Appointment of Director of Marketing
BassDrill is pleased to announce the appointment of Mr. Franck Soule as Director of Marketing effective September 15, 2011. Mr. Soule was formerly in a host of marketing, engineering and operational positions with Pride. Mr. Soule will be based in Paris, France and play a leading role in the contracts and marketing and in doing so assist with the growth of the company in the tender assist market.
12-Sep-2011 - Appointment of Director of Operations
BassDrill is pleased to announce the appointment of Mr. Jack Langley as Director of Operations effective September 12, 2011. Mr. Langely brings a wealth of offshore operational knowledge to BassDrill based upon his long tenures with Santa Fe, Pride and a few others where he held rig management positions as well as shore based positions. Mr. Langley will assume responsibility for all operational matters and play a large roll in the Beta semi tender project destined for Petrobras.
05-Sep-2011- Appointment of Board of Director
BassDrill is pleased to announce that Mr. Ståle Røed has been appointed a new Director of the Company effective 25 August 2011. Mr. Røed was appointed to fill the last vacant seat on the board. Mr. Røed brings a wealth of knowledge and insight considering his long tenure with Smedvig/Seadrill as the head of the tender drilling division. Mr. Røed is expected to play an important role in expanding the Company’s presence in this niche market. Mr. Røed joined Kvaerner Engineering as Project Accountant in 1977. He then joined Smedvig asa in 1981 and served as Project Manager, General Manager, Chief Operating Officer, Chief Financial Officer and also as interim Chief Executive Officer from 1998 to 1999. From 1996 he served as Managing Director for the Tender Rig Division for Smedvig and from 2006 for Seadrill as Executive Vice President for the tender rig division. He retired from Seadrill in 2009 and served as consultant up to July 2011. He earned a degree in Civil Engineering from Stavanger Technical College, a degree in Business Administration from Norwegian School of Business Administration (BI) and an MBA from University of Wisconsin, Madison in 1980.
25-Aug-2011 – Appointment of CFO
BassDrill is pleased to announce that Mr. Lasse B. Kjelsås has been employed as Chief Financial Officer (CFO). Mr. Kjelsås holds a Master of Science degree from the Norwegian School of Economics and Business Administration (NHH) and a Master of Science degree in finance from London Business School. Previous work experience includes financial analyst positions at Vital Forsikring AS (92-94) and Elcon Securities AS (95-99). From 1999 to 2007 Kjelsås worked in First Securities ASA‘s Corporate Finance department, initially as a senior advisor and from 2003 as a Director. Since January 2008 Kjelsås has held the position of CFO of Aker Clean Carbon AS. Mr. Kjelsås will join the Company at the end of the year. Lasse’s knowledge of the capital markets will further strengthen BassDrill’s management team for expansion.
19-Aug-2011- Total E&P Congo Letter of Award for BassDrill Alpha
BassDrill has received a letter of award from Total E&P Congo for tender rig BassDrill Alpha for six (6) wells plus options for up to six (6) additional wells. Negotiations have been completed and BassDrill is awaiting the final contract document for execution. The operator intends to utilize the rig in the Republic of Congo beginning in October and likely running through at least May 2012. BassDrill Alpha is currently committed to Perenco and has been working with the operator in the Republic of Congo since October 2010.
10-Aug-2011- Appointment of Chairman of the Board
In August of 2011 BassDrill welcomes Helge Håkonsen as Chairman of the Board. Mr. Håkonsen is to replace Pål Olsen who will assume a Board seat and act as Deputy Chairman. Gunnar Halvorsen will relinquish his Board position to coincide with the other Board movements. Mr. Håkonsen was formerly the CEO and President of Fred Olsen Energy from 1997 to 2009 at which time he chose to retire. Prior to his tenure with FOE, Mr. Håkonsen held a host of senior management positions all within the offshore industry. Mr. Håkonsen brings considerable experience and insight to BassDrill and will no doubt assist with the growth of the company towards it’s full potential. Mr. Håkonsen holds a Bachelor of Science in Marine Engineering from the University of Newcastle upon Tyne.
15-Jul-2011- BassDrill Beta Project First Steel Cut
BassDrill is pleased to announce that today the first steel was cut for the BassDrill Beta semi tender today at DSIC’s shipyard in Dalian, China. Delivery of the BassDrill Beta is scheduled for Q1 of 2013.
15-Apr-2011- Perenco extends BassDrill Alpha contract
BassDrill is pleased to announce that on 04-Apr-2011 BassDrill Alpha Ltd. executed an agreement for an extension of the BassDrill Alpha contract with Perenco’s subsidiary CMS NOMECO Congo, Inc. for drilling services in the Republic of Congo in direct continuation of the original contract. The extension includes a favorable rate increase and will see the BassDrill Alpha under contract until at least August of this year.
15-Apr-2011 – BassDrill Ltd. Investors BassDrill Ltd. is pleased to announce that on 15-APR-2011, Hitec Vision Asset Solutions purchased a controlling interest in BassDrill Ltd. The equity will be used to fund the Beta project as well as to position BassDrill to take full advantage of other opportunities which continue to materialize in the drilling industry. A new board of directors has been established which will guide the company’s growth and expansion in the tender assist market. This marks a clear milestone for BassDrill and will allow the company to develop and increase its share in a market which has been centralized around a small group of contractors and clearly welcomes innovation and more efficient assets.
20-Sep-2010- Petrobras Letter of Award for BassDrill Beta
Petrobras awarded BassDrill with a 945 day contract to build a semisubmersible tender assist (semi tender). Commencement of the contract is set for Q1 of 2013. The rig, which will be named BassDrill Beta, will be used to undertake a development program on the Papa Terra TLWP (tension leg wellhead platform) located in the Campos Basin in 1200m of water. The BassDrill Beta will be BassDrill’s second tender assist and will place the young company in both portions of the tender assist market.
The BassDrill Beta will be constructed in Dalian China at DSIC. All drilling components, cranes mooring winches and other major components will originate from the US, Canada and Europe. The mast equipment package (MEP) will be designed and constructed in the US by Axon Rig Concepts and Design of Houston before being shipped to Dalian where it will be mated with the BassDrill Beta for testing and commissioning. The 21,000mt displacement four column semi (BT3500) with enhanced mooring capabilities was designed by Bassoe Technology AB (BassTech) of Gothenburg, Sweden. The BassDrill Beta will be the first ever dedicated semi tender fabricated for use outside of benign waters. The company remains optimistic that this fixture will lead to further units and expanding the market for semi tenders in deepwater and alongside TLPs, spars and other structures.
25-Jun-2010- Perenco Letter of Intent for BassDrill Alpha
Further to the Letter of Intent received in May, BassDrill is pleased to announce that it has signed a contract with Perenco for the BassDrill Alpha to commence offshore operations in the Republic of the Congo by September of 2010.
On 18-May-2010 - ODS-Petrodata Announcement on BassDrill Alpha
“CONGO: New build tender-assist rig BassDrill Alpha has received a Letter of Intent from Perenco for work offshore Congo. The LOI relates to a term charter with a scheduled start date in September 2010. BassDrill Alpha was delivered from Lamprell Shipyard in Sharjah, UAE, in January 2010.”
14-Jan-2010- BassDrill Alpha Delivered
BassDrill is pleased to announce that it has taken delivery of the tender assist BassDrill Alpha at Lamprell’s Jebel Ali facility. This follows a 19 month fabrication and commissioning period whereby all marine and drilling components were extensively tested at the quay side following the launch of the vessel in October 2009.
12-Oct-2009- BassDrill Alpha Launched
The BassDrill Alpha was successfully launched in Jebel Ali with the use of the submersible barge Hamaria Pride. This marks a major milestone in the project and combined with an admirable safety record of only one recordable injury in over 1.7m man-hours. The vessel is presently afloat, undertaking incline tests before commencing sea trails and mooring tests. Thereafter, the unit will assemble the mast equipment package for trials and commissioning. The commissioning work is expected to be completed by late January 2010.
09-Oct-2009- BassDrill Alpha moved to Quayside
UAE/INTERNATIONAL: New build tender unit BassDrill Alpha is being moved to the quayside at Lamprell’s Sharjah facility on 09-OCT-2009 for launching. The unit still has to undergo systems trials, acceptance tests and mooring trials before its expected delivery around mid-November. The rig is available for charter and is being actively marketed for work in Southeast Asia and West Africa.
24-Jun-2008 - Lamprell issues rig construction contracts
BassDrill Ltd. has concluded a turnkey construction contract with Lamprell Energy Limited to construct two self-erecting tender-assist drilling units, complete with mast equipment packages. Designed by Bassoe Technology AB, the vessels are ABS +A1 Unrestricted Service Barges, compliant with the latest amendments to the MODU & SOLAS codes. The units will be constructed at Lamprell’s facility in the UAE with construction of the first unit commencing immediately. The final destination of the units has not been disclosed.
BassDrill’s vision is to be a fully integrated drilling contractor offering high caliber services to its customers on a global basis. Their focus is on developing safe, efficient and cost effective drilling solutions for the tender-assist market. BassDrill draws on the extensive network and experience of the Bassoe Group – in particular Bassoe Technology (BassTech), an affiliated company providing engineering expertise in the design of floating drilling systems.
