Ability Drilling and TTS Sense has agreed on a revised delivery
schedule of future rigs
Ability Drilling and TTS Sense has agreed on a revised delivery
schedule which is basically in line with principles referred in
Ability Drilling's Q3 report.
The agreement includes a right for Ability Drilling to postpone
delivery of rig 5-9 up to 18 months. The postponement facilitates
high focus on completion of our Drilling Rigs no. 3 and 4, both rigs
expected to be delivered in line with Ability Drilling's published
schedule in the Q3 report. The planned delivery dates for these rigs
will also meet the required commencement dates on contracts awarded
to Ability Drilling so far.
Furthermore the agreement allows Ability Drilling to build a track
record and improve the basis for future capital raising. The parties
have also carried out a general revision of the executed delivery
contracts, including adding a standard cancellation clause in
accordance with established industry standards.
Hans Petter Eikeland, CEO in Ability Drilling, says: "This gives us
the necessary industrial flexibility going forward."
For further information, please contact:
CEO Hans Petter Eikeland, phone +47 56 32 43 43, or +47 93 20 81 77
CFO Kenneth Tunes, phone: +47 56 32 43 43, or +47 91 54 49 01
About Ability Drilling ASA: Ability Drilling aims to become the
preferred operator and provider of Rack & Pinion (R&P) rigs in its
defined core markets, by combining fourth generation drilling
technology with outstanding drilling experience from offshore North
Sea exploration and production activities.
The Company currently targets onshore oil operations in the MENA
(Middle East North Africa) market, the geothermal market in Europe,
as well as the market for drilling of LNG reservoirs. Both the land
rig market in MENA and the geothermal segment in Europe are markets
with strong growth and significant potential, while the market for
drilling of LNG reservoirs is an emerging growth segment. Ability
Drilling targets extension of the geographical footprint within all
current focus areas.
Ability Drilling has so far ordered 11 rigs, of which 9 land rigs,
one 150 T workover rig and one 150 T Ultra Light Drilling Rig. In
addition, the company has options with construction partner TTS Sense
for 33 additional land rigs and 40 additional workover rigs.
Ability Drilling is listed on Oslo Axess, with ticker ADRL.
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
Copyright © Hugin AS 2009. All rights reserved.