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The U.S. Bankruptcy Court for the Southern District of Texas has approved Valaris Chapter 11 prearranged reorganization plan.
The U.S. Bankruptcy Court for the Southern District of Texas has approved Valaris plc’s (OTC: VALPQ) Chapter 11 prearranged reorganization plan, Valaris reported Wednesday.
The plan will enable Valaris to eliminate $7.1 billion of existing debt and provide the offshore drilling contractor with a $520 million capital injection via the issuance of a $550 million secured note maturing in 2028, the company pointed out in a written statement emailed to Rigzone.
“I am pleased that we have received strong support for the company’s amended plan,” remarked Tom Burke, Valaris’ president and CEO. “This is an important milestone as it clears the path for Valaris to emerge from Chapter 11 early in the second quarter.”
The Noble Tom Prosser will drill two Santos-operated exploration wells in the Bedout Basin.
Carnarvon Petroleum Limited (ASX: CVN) reported Wednesday the Noble Tom Prosser jack-up rig has been contracted to drill two exploration wells in the Bedout Basin, offshore northwestern Australia.
The drilling program, slated to begin toward the end of this year, comprises the Pavo-1 and Apus-1 wells, Carnarvon noted in a written statement. The company pointed out that Pavo-1 will target 101 million barrels of oil equivalent (boe) (Pmean, gross) and Apus-1 will target 307 million boe (Pmean, gross). Both Santos (ASX: STO)-operated prospects are located near the Dorado field, from which commercial discoveries could be tied back, stated Carnarvon.
Blueknight Energy Partners has closed on the sale of its crude oil terminalling business to Enbridge.
Blueknight Energy Partners, L.P. (Nasdaq: BKEP and BKEPP) reported this week that it has closed on the sale of its crude oil terminalling business to Enbridge, Inc. (NYSE: ENB).
The $132 million purchase price is subject to customary post-closing adjustments and excludes crude oil linefill and inventory, Blueknight noted in a written statement. The publicly traded master limited partnership pointed out the sale to Enbridge completes its transition to a pure-play terminalling company focused on infrastructure and transportation end-markets. It sold its crude oil pipeline and trucking segments last month.