Rig: Prospector 1

Name Prospector 1
Owner Borr Drilling
Manager Borr Drilling
Rig Type Jackup
Sub Type Independent Leg Cantilever
Jackup Type High-Specification
Max Water Depth (ft) 400
Max Drill Depth (ft) 35000
Dimensions (ft) 231 x 250 x 31
Leg Length (ft) 548
Competitive Yes

Current Location

Country Netherlands
Region NWECS

Drilling Equipment

Drawworks Type TTS Ultrahoist SG 1060-6000
Drawworks HP 4600
Mud Pumps Type AKMH Wirth TPK 2200
Top Drive TTS STD-1000-AC-2M
Hookload Capacity (lbs) 2000000

Rig Construction Details

Rig Design Friede & Goldman
Rig Model JU-2000E
Year Built 2013
Country of Build China (PRC)
Yard Name Dalian No 1 Production Yard (DSIC)
Group Yard Name China Shipbuilding Industry Company Limited (CSIC)

Rig Contract Details

Operating Status Operational
Operator Tulip

News

24 Jul 2015

Paragon Offshore closes sale & leaseback transaction

Paragon Offshore Plc ("Paragon") today announced that certain wholly owned subsidiaries of the company, which were part of the company's acquisition of Prospector Offshore Drilling S.A. ("Prospector"), have closed the combined USD300 million sale-leaseback financing facility that was announced on June 4th, 2015. Net of fees and expenses, Prospector received net proceeds of approximately USD292 million. Both the Prospector 1 and Prospector 5 will now be leased back to Paragon for a five-year period.

4 Jun 2015

Paraon Offshore announces sale and leaseback agreement for prospector jackups

Paragon Offshore plc ("Paragon") today announced that certain wholly owned subsidiaries of the company, which were part of the company's acquisition of Prospector Offshore Drilling S.A. ("Prospector"), have entered into a combined USD300 million sale-leaseback financing facility with subsidiaries of SinoEnergy, a private investment firm registered in the British Virgin Islands. Net of fees and expenses, Prospector expects to receive net proceeds of approximately $292 million. Under the terms of the agreement, Prospector will sell two heavy-duty, harsh-environment jackup units, Prospector 1 and Prospector 5, to subsidiaries of SinoEnergy and immediately enter into a bareboat rental charter for the assets for a period of five years. The bareboat charter fee for Prospector 1, which is under firm contract until mid-September 2016, is USD71,000 per day through November 2016, after which it will be USD42,000 per day for the remainder of the charter. The bareboat charter fee for Prospector 5, which is under firm contract until mid-November 2017, is USD71,000 per day through February 2018, after which it will also be reduced to USD42,000 per day. The combined implied cost of borrowing is approximately 7.5%, including fees and expenses. The lease financing is non-recourse to Paragon. "We are extremely pleased to have secured this financing on the two Prospector rigs at what we consider to be an attractive rate in this environment," said Randall D. Stilley, President and Chief Executive Officer of Paragon. "As a result of this financing initiative, we have increased financial flexibility and are evaluating options for the use of the proceeds, whether it be to retain the cash in order to increase our liquidity or to further strengthen the balance sheet through debt reduction." The facilities are expected to fund by early third quarter 2015. Funding is subject to customary conditions for a transaction of this nature

17 Nov 2014

Paragon Offshore acquires Prospector Offshore

Paragon Offshore plc ("Paragon") today reported that it has acquired 52,749,014 shares of Prospector Offshore Drilling S.A., a publicly traded offshore drilling company listed on Oslo Axess ("Prospector"). Paragon acquired the shares at a price of 14.50 Norwegian kroner (NOK) per share, or $2.13 per share based on the exchange rate of one United States dollar to 6.80 NOK. Following this transaction, Paragon owns a total of 52,749,014 shares of Prospector, equal to 55.8 percent of the outstanding shares of Prospector. Paragon intends to launch a mandatory tender offer for the remaining outstanding shares of Prospector within four weeks as mandated by applicable Luxembourg and Norwegian law. In addition, Paragon will request the board of directors of Prospector to convene a general meeting of the Prospector shareholders to elect three new Paragon designated directors to the Prospector board. Prospector owns and operates two high specification Friede and Goldman JU-2000E jackups contracted to Total S.A. for use in the United Kingdom sector of the North Sea. The first unit, Prospector 1, is contracted until September 2016 at a dayrate of USd185,000 and the second unit, Prospector 5, is contracted for three years following contract commencement at a dayrate of $218,000. Combined, the contracts have backlog of USD384 million. Both contracts contain customer options for an additional term (three years and two years, respectively) at the same dayrates. Prospector has three additional JU-2000E jackups under construction at the Shanghai Waigaoqiao Shipbuilding (SWS) yard in China, the same yard that delivered Prospector 5. These three units, Prospector 6, Prospector 7 and Prospector 8, have published delivery dates of December 2014, September 2015 and March 2016. Prospector has the option to delay the delivery of Prospector 6 by up to 4 months. The three rigs are being constructed on a non-recourse basis with no parent company guarantees. Each of the JU-2000E units are heavy-duty, harsh environment jackups capable of operating in water depths up to 400 feet, with derricks rated for static hook loads of 2,000,000 pounds, and maximum variable deck loads of 14,300,000 pounds. "The acquisition of the majority of the outstanding shares of Prospector Offshore is a significant step in Paragon's long-term strategy to upgrade our fleet," said Randall D. Stilley, President and Chief Executive Office of Paragon. "The inclusion of Prospector's existing rigs into Paragon's fleet reduces our average rig age, upgrades our technical capabilities, and adds backlog with a key customer in an important operating region where Paragon already has economies of scale. Furthermore, the rigs under construction provide optionality for future growth. We look forward to launching the tender for the remaining shares of Prospector as quickly as possible." - See more at: http://www.paragonoffshore.com/investors-relations/investor-news/investor-news-details/2014/Paragon-Offshore-Announces-Acquisition-Of-A-Majority-Stake-In-Prospector-Offshore/default.aspx#sthash.pMPDcfJs.dpuf

17 Nov 2014

Paragon Offshore announces purchase of additional Prospector Offshore shares

Earlier today, Paragon Offshore plc ("Paragon") reported that it acquired 52,749,014 shares of Prospector Offshore Drilling S.A., a publicly traded offshore drilling company listed on Oslo Axess ("Prospector"). Paragon acquired the shares at a price of 14.50 Norwegian kroner (NOK) per share, or USD2.13 per share based on the exchange rate of one United States dollar to 6.80 NOK. Subsequent to this initial acquisition, Paragon has acquired an additional 35,713,562 shares in Prospector at the same price of 14.50 Norwegian kroner (NOK) per share, or USD2.13 per share based on the exchange rate of one United States dollar to 6.80 NOK. Following this transaction, Paragon owns a total of 88,462,576 shares of Prospector, equal to 93.5 percent of the outstanding shares of Prospector. Paragon reiterated its intent to launch a mandatory tender offer for the remaining outstanding shares of Prospector within four weeks.

9 Oct 2014

'Prospector 1' begins two year contract with Total

Prospector Offshore Drilling S.A. (PROS) is pleased to announce that ‘PROSPECTOR 1’ is elevated on Total E&P UK Limited and ELF Exploration UK Limited's (Total) Franklin location in the central North Sea and has commenced its two year drilling services contract. In addition, the Company is pleased to announce that Total is installing their equipment on ‘PROSPECTOR 5’ and acceptance testing is ongoing. At this time the rig is being compensated at a reduced day rate before mobilizing to Total's first drilling location to begin its three year drilling services contract.

9 Sep 2014

Prospector Offshore releases contract updates

Prospector Offshore Drilling S.A. (Prospector) is pleased to announce that Total E&P UK Limited and ELF Exploration UK Limited (Total) has completed the preparation of the location for ‘Prospector 1’. Therefore, as of 5th September 2014 the rig is being compensated per its original contract at the mobilization rate. In addition, Prospector is pleased to announce that ‘Prospector 5’ has arrived in Invergordon, Scotland and is undergoing its acceptance process before mobilizing to Total's first drilling location to begin its three year charter contact.

25 Mar 2014

Prospector Offshore provides update on 'Prospector 1' contract

Prospector Offshore Drilling S.A. (the "Company" or "PROS") announces that starting 24 March 2014 PROSPECTOR 1 will be remunerated at a reduced day rate per its previously announced charter contract with Total E&P UK Limited ("Total"). This day rate will continue while Total's third party equipment is being installed and Total's Franklin location is being prepared to accept PROSPECTOR 1. This process is expected to be completed by the second half of April 2014, at which time PROSPECTOR 1 will commence its 730 days term of the charter contract.

7 Jun 2013

Total extends contract for 'Prospector 1' jackup

Prospector Offshore has announced that Total E&P UK Ltd have amended the contract for the ‘Prospector 1’ rig. Total has chosen to extend the contract by 40 days from a 690 day period up to 730 days whilst also altering the options that are tied to the contract with an initial one year option followed by an additional four – six month options also. The extension of the contract is good news for Prospector Offshore following the delay in the initial delivery period of the unit.

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