Thule announces sale of rigs and interest in QGM BVI to Royal Oyster
The sale is based on a monthly installment sale over the next two years. Thule is not financially responsible for the completion of the two rigs. Royal Oyster has further agreed that Thule is entitled to a 30% profit split in case they resell any of the rigs and/or the yard within two years. Thule has also announced the sale of the Power rig for $140 million to the Royal Oyster Group. Upon delivery of the rig, Thule will receive $10 million per month for 14 months. In connection with the sale of the Power, Thule has reached an agreement with the previous buyer to cancel the sales agreement without any cancellation fee associated with the delayed release of the rig from the QGM yard and subsequent delayed completion date of the rig from the MIS yard. The company has also announced the sale of the Phoenix for $5 million in cash on delivery to the Royal Oyster Group. The rig will be delivered in the first quarter of 2009 and the sale is on an as-is-where-is basis.