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Tuscany International Drilling closes sale of two Colombian rigs


Published Jan 21, 2014
Tuscany International Drilling Inc.

Tuscany International Drilling Inc. has closed its previously announced sale ("Rig Sale") of Rigs 112 and C16 to Etablissements Maurel et Prom S.A. ("M&P") for aggregate consideration of US$23.0 million, of which US$19.5 million has been paid by M&P to Tuscany and an aggregate of US$3.5 million has been deposited into escrow, to be released upon receipt of Tanzanian competition approval and the repayment to M&P of certain Colombian withholding taxes remitted by M&P in connection with the Rig Sale.

Pursuant to the Company's disposition of its Africa business unit announced December 23, 2013, the Colombian assets of Caroil SAS are now owned by Tuscany through a wholly-owned and controlled subsidiary. As a result of the completion of the transactions with M&P, Tuscany anticipates further reductions in G&A expenses. Tuscany's fleet is now comprised of 12 rigs in Colombia, 9 rigs in Brazil (including the two heli-portable rigs) and 5 rigs in Ecuador.

Tags: Tuscany International Drilling Inc.




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