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Article: SONAT OFFSHORE DRILLING ANNOUNCES LETTER OF INTENT WITH WILH. WILHELMSEN FOR PURCHASE OF FOURTH-GENERATION SEMISUBMERSIBLE POLAR PIONEER
- Article from:
- PR Newswire
- Article date:
- October 13, 1993
CopyrightCOPYRIGHT 1993 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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HOUSTON, Oct. 13 /PRNewswire/ -- Sonat Offshore Drilling Inc. (NYSE: RIG) announced today it intends to acquire a 100 percent interest in the fourth-generation semisubmersible Polar Pioneer. The Polar Pioneer is presently owned by a Norwegian partnership in which Sonat Offshore Drilling has a 47-1/2 percent interest.
A letter of intent has been signed with Wilh. Wilhelmsen Ltd. A/S, the other major participant in the partnership, which provides for Sonat Offshore Drilling to acquire Wilh. Wilhelmsen's 47-1/2 percent interest in the rig for
$40.4 million and future limited contingent consideration. Consummation of the purchase from Wilh. Wilhelmsen is subject to certain ...