COSL in Jack-Up Deals with Falcon Energy

Falcon Energy Group Limited confirmed that its indirect subsidiaries, TS Amber Limited and TS Pearl Limited, have entered into two sale and purchase agreements and two novation agreements with COSL, to novate their rights and obligations under the shipbuilding contracts relating to the design, construction and delivery of the two Gusto MSC CJ46-X100 jack-up drilling rigs.

The novation fee payable by COSL Drilling Power Pte Ltd to TS Amber Limited and COSL Drilling Craft Pte Ltd to TS Pearl Limited for the novation of each shipbuilding contract was arrived at on a “willing buyer willing seller” basis.

Both TS Amber Limited and TS Pearl Limited are wholly-owned by TS Drilling Pte. Ltd., an indirect subsidiary of Falcon Energy. TS Drilling is a 70%-owned subsidiary of FTS Derricks Pte. Ltd., which is 65% owned by the Company and 35% owned by Mr Cai Wenxing (a director of the Company).

Related:

COSL Purchases Two Jack-Up Drilling Rigs (China)

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FEG, August 23, 2013