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April 28, 2016

Deals this week: China Petrochemical Corp, Schlumberger Limited, Ocean Rig UDW

China Petrochemical Corp through its subsidiary Sinopec Group Overseas Development (2016) Limited has announced a private placement to raise $1,000m.

China Petrochemical Corp‘s subsidiary Sinopec Group Overseas Development (2016) Limited has announced a private placement to raise $1,000m.

Scheduled for closure on 3 May, the placement involves the issue of senior notes bearing a coupon rate of 2.125%.

Funds raised from the placement will be used to repay the current liabilities of the company.

"Valued at $65m, the transaction will be funded by Ocean Rig using the cash in hand."

Schlumberger Limited has agreed to spend $162.03m to acquire coiled tubing drilling and coiled tubing units in Saudi Arabia and the US for enhancing its drilling and intervention capabilities.

The agreement will realise the acquisition of 11 coiled tubing units and related intellectual rights from Xtreme Drilling and Coil Services Corp.

Peters & Co Limited is the financial advisor to Xtreme for the deal, which is scheduled for closure in the third quarter of 2016.

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Ocean Rig UDW Inc has finalised the acquisition of Cerrado sixth-generation ultra deepwater (UDW) drillship to expand its drilling rigs fleet.

Valued at $65m, the transaction will be funded by Ocean Rig using the cash in hand.

Cerrado will be renamed Ocean Rig Paros upon completion of the acquisition.

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