"PetroMENA ASA has been informed that Norsk Tillitsmann has, without any notice to the company, and with reference to the default notice, enforced their share pledge in PetroRig I, II and III all registered in Singapore.
Norsk Tillitsmann have further enforced the assignment of the
construction contracts, hereunder notified the shipyard to take
instructions from them.
They have also appointed representatives from bondholders to do
Inspection and notified that they will take delivery of the SS Petrorig I.
PetroMENA ASA together with subsidiaries dispute that the loan
agreements are in default and have consequently filed for injunctions in
Singapore and Norway stating that the enforcements are invalid..."
It seems that the creditors, more precisely bondholders are taking control of the rigs. The bondholders will most likely get their principal back, maybe even with interest, but will there be anything left for the PMENA shareholders?
What puzzles me is that why hasn't PMENA already sold of one of the rigs. Based on recent drilling contracts the market prices for udw-rigs should still be quite high and the proceeds from the sale should cover the debt attached to the rig so the respective bondholders would have no reason to block the transaction. Larsen Oil&Gas(controlled by Berge Gerdt Larsen, who also controls PMENA indirectly) has negotiated on behalf of PMENA MOUs on the sale of two of the rigs, but it makes very little sense to draft MOUs at this point, when company is already in default of some its liabilities.
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