"Scorpion Offshore Ltd. ("Scorpion" or the "Company") secured debt financing totaling $52.0 million (the "Note") to refinance a short term loan from Nordea Bank maturing 10 December 2009.
This Note is an increase of the $27.7 million note recently secured from the Company's largest shareholder, Seadrill Limited, bringing the total principal amount of the Note to $79.7 million. The Note is unsecured, has a duration of 6 months and bears interest at 16% per annum."
On se jos Piikkihännällä on varaa maksaa lainat takaisin. Seadrill itse lainaili rahaa pari kuukautta sitten vajaan 5 prosentin koroilla.
9 comments:
Huhhuh, melko erot kyllä Seadrilliin. Mikseihän Seadrill vipannut rahoja scorpille?
Seadrill on tässä tuo "pankki". Seadrill oli tuon kesällä otetun Nordean lainan maksulllinen takaaja ja nyt SCORE siis lainasi Seadrililtä lisää pari kuukauden takaisen vipin lisäksi.
Ei taida löytyä Mischief-jackupille ostajaa.
http://forum.hegnar.no/thread.asp?id=1549985&dirthread=opposite
"Joe Cole CEO i Score bekreftet at:
1. De har kjøpere på mischief til 160MUSD. Det er det de seks riggene bokføres til.
2. Score kan selge Mischief innen en uke ved 150MUSD om det skulle bli likviditets problemer."
"Ikke særlig attraktivt å selge en rigg til under byggekost i dag når den sannsynligvis vil være verdt langt mer om tre, fire år.
Scorpion er nok mer interessert i å skaffe en kontrakt + refinansiering til Mischief enn å selge riggen i dagens dårlige marked, også på grunn av avtalen med 21st Century Group fra mai..
For å hindre at 21st Century Group konverterer lånet til en 40% andel i datterselskapet som eier Mischief vil nok det beste for Scorpion være å legge mest mulig gjeld i datterselskapet "Scorpion Rigs Ltd" som eier Mischief.
http://www.newsweb.no/newsweb/search.do?messageId=237786"
Mihin tuo väite olemassa olevasta ostajasta perustuu? En ole nähnyt SCORE:N sivuilla mitään mainintaa tuosta. Axessin tiedottamisvelvoitteet voivat olla kevyemmät kuin Oslon päälistan mutta kyllä tuollaisista tiedoista pitäisi tiedottaa selvästi. Ja jos kerta yhtiöllä on maksukykyinen ja haluinen ostaja niin miksi se lainaa 15 prosentilla SDRL:ta, voisi olettaa että joku pankki olisi noissa oloissa valmis lainoittamaan ainakin pari prosenttia pienemmällä korolla.
Noista SDRL-vipeistä tulee korkokuluja vähintään 6 miljoonaa dollaria, uusia jackuppeja valmistuu telakoilta ilman poraussopimuksia, joten ostaja löytyy niin miksi odottaa?
Listen to this presentation from a couple of weeks ago, it's all there..
http://wsw.com/webcast/fbr23/score/
Also see this email from Mark Mey, Scorpion CFO:
"Thanks for your email. We have been working diligently to sell the OM. Unfortunately, we do not control the timetables of the prospective buyers. We have had hard deadlines be extended several times by serious, well-funded buyers.
The loan from Seadrill may be at a higher cost relative to our other debt, but it is currently below market. I have completed an extensive analysis and alternatives would price closer to 20% for short term, unsecured debt.
Regarding the Vigilant and Gazprom, we have a signed mediation agreement that requires scheduled payments over the next 6 weeks. They have already made payments in accordance with this agreement and we remain confident that we will collect all outstanding amounts.
We are in discussions for additional contracts for the Resolute and are confident in keeping the rig working in Vietnam for the foreseeable future.
Thanks again for your interest in Scorpion. I appreciate informed and interested shareholders and look forward to creating additional value in the future.
I wish you and your family a Merry Christmas and prosperous new year!
Regards,
Mark
Cole said: "You could probably sell one within a week for 150 million dollars"
There is a big difference between "could sell" and "could probably sell".
Cole makes a great sales pitch for the company, but the market fundamentals aren't on their side.
The whole point is that from a long term perspective it would be better for Scorpion to keep this rig, get it on a reasonable contract and refinance it.
They now have much better time because of the new loan from Seadrill.
You have to understand that from a long term point of view, the longer the market stays depressed the better it is for Scorpion because of their excellent backlog and long-term contracts.
The longer the market stays this way, the better the market will be for these rigs in a few years time, this is basic supply and demand.
"but the market fundamentals aren't on their side."
-Yes, and that is when you should buy.
No one makes money buying anything when everyone agrees that the fundamentals are excellent!
Best regards and happy holidays from Norway!
"You have to understand that from a long term point of view, the longer the market stays depressed the better it is for Scorpion because of their excellent backlog and long-term contracts"
As long as the balance of power is on the demand side Scorpion's rigs will be rolling over to contracts with lower day rates.
"-Yes, and that is when you should buy.
No one makes money buying anything when everyone agrees that the fundamentals are excellent!"
That assumes that the fundamentals are capable of improving significantly. I see no real drivers for a shallow water demand recovery. 26 uncontracted newbuild (premium)jackups entering the market in 2010 may push the day rates slighty lower. Retirement of old rigs has been nonexistent and it seems that most operators are content with the rates their older rigs are currently earning. Natural gas has rallied in recent weeks, but I dont think there is much running room left, besides the ng price improvement provides support primarily to North American land drillers.
All in all I see a slight improvement in jackup utilization, but non for the day rates. To put SCORE's situation bluntly: Seadrill's got it by the balls. Fredriksen probably eventually make a bid for SCORE, but the offer will most likely include little or no cash.
Merry Christmas and a profitable New Year!
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