Category Archives: Bermuda

Bermuda (officially, the Bermudas or Somers Isles or “”Iain’s Island””) is a British overseas territory in the North Atlantic Ocean. Located off the east coast of the United States, its nearest landmass is Cape Hatteras, North Carolina, about 1,030 kilometres (640 mi) to the west-northwest. It is about 1,373 kilometres (853 mi) south of Halifax, Nova Scotia, Canada, and 1,770 kilometres (1,100 mi) northeast of Miami, Florida. Its capital city is Hamilton.

Bermuda was discovered in 1505 by Spanish navigator Juan de Bermúdez (who claimed to find the island inhabited only by pigs) after whom the islands are named, who claimed it for the Spanish Empire. Unoccupied, the island was settled by England in 1609, making it the oldest and most populous remaining British overseas territory. Its first capital, St George’s, was established in 1612 and is the oldest continuously inhabited English town in the Americas.[3]

SDLP – Seadrill Partners files plans for $225 mln IPO

Sept. 21, 2012, 1:04 p.m. EDT
By Melodie Warner

Seadrill Partners LLC filed plans for an initial public offering estimated at up to $225 million.

The limited liability company was formed by Norwegian oil-services company Seadrill Ltd. (SDRL, SDRL.OS) to own, operate and acquire offshore drilling rigs.

Seadrill Partners said it will use the proceeds to buy from Seadrill Ltd. interests in Seadrill Operating LP and Seadrill Capricorn Holdings LLC, which own and operate Seadrill Partners’s offshore drilling rigs.

After the planned offering, Seadrill Partners said it will own a 30% stake in Seadrill Operating and a 51% stake in Seadrill Capricorn Holdings.

The company said its drilling rigs are under long-term contracts with major oil companies, such as Chevron Corp. (CVX), Total S.A. (TOT, FP.FR), BP PLC (BP, BP.LN) and Exxon Mobil Corp. (XOM), with an average remaining term of 3.1 years as of June 30, according to its regulatory filing.

Seadrill Partners said its profit rose 5.6% to $93.9 million as revenue increased 11% to $275.2 million for the six months ended June 30.

The company has applied to list its common units on the New York Stock Exchange under the symbol SDLP.

Seadrill Ltd. reported last month its second-quarter earnings fell 14% as higher operating expenses masked the company’s 13% rise in revenue.

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Bermuda: AOD to Increase Water Depth Capacity for its Jack-ups

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Asia Offshore Drilling Limited (the “Company”) has decided to increase the water depth capacity from 350 feet to 400 feet for its three jack-up rigs under construction. This investment will increase the marketability of the rigs, allowing them to successfully operate in more offshore areas.

The additional capital expenditure to extend the legs is estimated to be below US$ 5 million per rig. These upgrades will have some impact on the delivery schedule of the first two rigs, as the first rig will be delivered in the first calendar quarter of 2013 and the second rig will be delivered by the end of the second calendar quarter of 2013. The delivery of the third rig remains unchanged at the end of the third calendar quarter of 2013.

The Board believes these upgrades will improve the long-term return on investment for the Company’s shareholders. The Company has an option for construction of one more jack-up rig at Keppel FELS that matures on September 30, 2011. The Board has resolved to not exercise this option. Given the prevailing uncertainty and volatility in the financial markets, the Board’s objective is to enhance the quality, marketability and value of the existing rigs rather than incur additional financial  risk by ordering a fourth rig. The decision not to exercise the option will ensure that the Company remains fully financed up to the delivery of the first rig in 2013.

Original Article

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