Niko Gets Government Approval for Sale of Block 5(c) off Trinidad

Niko Resources Ltd. has announced that the Government of Trinidad and Tobago has approved the previously announced sale of a 25% interest in Block 5(c) in Trinidad and Tobago to a subsidiary of the BG Group, 75% interest owner and operator of the block, for gross proceeds of $62 million.

Under the terms of the agreement, a deposit for a portion of the gross proceeds was paid to Niko in early April and the remaining proceeds, adjusted for closing adjustments, is to be paid to Niko prior to the end of June.

Upon closing of the transaction, under the settlement agreement entered into in December 2013 with Diamond Offshore, a specified portion of the proceeds will be used to reduce the Company’s outstanding obligation to Diamond. In addition, under the terms of the Company’s term loan facilities agreement, $20 million of the proceeds will be used by the Company to fully repay Facility E and, depending on certain circumstances, some or all of the remaining proceeds will be offered to the Lenders as a potential partial prepayment of Facility A.

Press Release, June 13, 2014

Share this article

Follow Subsea World News

Events>

<< Nov 2019 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

OTC ASIA 2020

The Offshore Technology Conference Asia (OTC Asia) is where energy professionals meet to exchange…

read more >

6th Offshore Well Intervention Conference Gulf of Mexico

The Offshore Well Intervention Gulf of Mexico conference (OWI GOM) is returning to Houston, Texas for its sixth year on Wednesday 20 – Thursday 21 November.

Featuring Anadarko, BP, Shell, Chevron, BHGE and Oceaneering, the conference aims to help operators transition to the latest compliance updates, WI systems and business models that enhance safety, quicken well access and improve commerciality.

Across two days, more than 200 delegates, 15 exhibitors and 30 speakers will network together and create solutions to some of the most pertinent industry challenges right now, through a conference programme focused on:

  1. Clarifying compliance updates
  2. Quicker well access and safer well control
  3. ​Understanding HPHT well intervention (systems)
  4. Forecasting well intervention activity, discussing new commercial models and comparing platform options
  5. Best practice riserless well intervention
  6. ​The latest well intervention equipment

For registration, speaking or sponsorship enquiries contact Abigail Clifton on aclifton@offsnet.com; +44 (0) 203 793 8800.

More info

read more >

Underwater Intervention (UI) 2020

Underwater Intervention Conference is a conference where oil and gas industry professionals, senior decision…

read more >

Subsea Expo 2020

Subsea Expo is the world’s largest subsea exhibition and conference and is completely free to attend.

read more >