‘Good move’ sees $22 million profit
Posted: 01 March 2006
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The Thule Challenge semi-submersible has been sold to Atlantic Marine Offshore Services in Dubai for $40 million.
The submersible was previously bought last year by Thule Drilling from Momentum Engineering in Dubai along with another submersible, renamed Thule Phoenix, from Atwood Oceanic in USA, for a total price of $27 million. Thule will book a profit of about $22 million due to the sale of Thule Challenge.
Thule is focusing on becoming a pure jack-up rig owner and selling the semi-submersible is part of the strategy.
“Potential buyers are still showing a keen interest, and selling Thule Phoenix is a viable option,” the company said. “With Thule Challenge’s sale in mind, buying the rigs six months ago was a very good move.”
In addition, Thule has the jack-up rig Thule Power scheduled to be delivered in August. The rig has a letter of intent for five years at a rate of $80,000 per day. The rig will be repaid in less than three years.
The company also has two new build jack-ups Thule Energy and Thule Force that will be delivered in November 2007 and March 2008. The company also has an additional nine new build options for jack-ups at the QGM yard in Dubai, UAE. The first option can be declared in October.
Posted by Editor Offshore Arabia Magazine
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