Kca Deutag Standstill Agreement
The status quo rules and other conditions of the status quo agreement come into force immediately. Subject to the provisions of the status quo agreement, the status quo provisions are maintained until at least 31 July 2020 and may be extended with the agreement of the required majority of the creditors concerned. Socar AQS and KCA Deutag have reached an agreement to create a joint venture… He added: “We have now successfully signed a binding blocking agreement that details our proposal for financial restructuring. In the meantime, it entered into a three-month “status quo” in the second quarter, during which lenders will not increase their loans. Following the announcement made on March 26, 2020, KCA Deutag is pleased to announce today that it has entered into a status quo agreement (the stillstill agreement) with: Drilling company KCA Deutag is currently negotiating a restructuring plan to reduce its debt by more than $1 billion. Earlier this year, it was reported that KCA Deutag had been laid off “in the region” by 200 British employees due to falling oil prices. We also succeeded in Iraq, where two of our Rigs renewed their contracts for one year. In the Netherlands, one of our facilities has been awarded a new contract for a short drilling program with a salt mining company. The Company`s preferred EBITDA measure (earnings before interest, taxes, depreciation and amortization) was $135.6 ($105.2 million), a slight decrease of $142.1 million ($110.2 million). In the oil services sector, the number of people employed continues to decline. This time it`s KCA Deutag.
The company… While many of his colleagues are trying to cut costs by cutting jobs, KCA is deutag, drilling and… KCA Deutag has secured an extension of its current drilling contract on the Ringhorne rig. . . Nearly seven hundred offshore workers, represented by SAFE Union, went on strike on Tuesday… The Petroleum Safety Authority (PSA) was named in an audit of the Askepot s. KCA Deutag`s upstream losses amounted to $94.1 million in the first half of 2019, representing a loss of $88.1 million in the first half of 2019. Statoil has three drilling orders for drilling, finishing, intervention services, pluggi… In addition, we received three contracts in Algeria for a total of four facilities. The largest is a three-year contract for two of these facilities, with a two-year renewal option.
The other two are planned for a short drilling program. After announcing that a customer has booked three facilities for an option period, we can now confirm that they were then signed for two years, with the option of extending for another two years. They have also been equipped with FX-Control, one of our new technologies ™. In addition, one of our facilities in Oman has been awarded a new two-year contract with two one-year renewal options. As part of the order and to meet the demanding drilling requirements, the facility will be equipped with a new 750t Top Drive, removed by Bentec, the manufacturer of drilling rigs and oilfield equipment.