BHGE Inks i3 Energy Deal

i3 Energy has awarded Baker Hughes, a GE company (BHGE), contracts for its 2019 summer drilling programme on its Liberator and Serenity assets and its 2020 Phase I development of Liberator.

BHGE’s scope will include directional drilling, drilling fluids, mudlogging, formation evaluation operations and wellheads.

In connection with the award, BHGE has agreed that £3-million of oilfield service and oilfield equipment contract payments will not become payable until such time as i3 has received its first sales revenues from Liberator Phase I.

As part of this transaction, the i3 will be issuing to BHGE warrants up to a notional value of £3 million, totalling up to 5,277,045 warrants if fully issued.

Junior Noteholders will also be offered participation in warrants on these same terms, pro-rata to their ownership of i3 on a fully-diluted basis and also pro-rata to the proportion of warrants fully issued to BHGE, which could total up to 1,566,572 warrants if all 5,277,045 warrants are issued to BHGE.

The above remains subject to final execution between the parties of the relevant contracts.

Majid Shafiq, CEO of i3 Energy, said: “We appreciate the confidence BHGE has shown in the quality of the Liberator oilfield in agreeing to receive payments from first oil revenues. This transaction will enable us to maximize the allocation of capital resources and contingency towards our 2019 drilling activities, and we look forward to welcoming BHGE as a partner as we establish a mutually beneficial long-term relationship to unlock the value in our assets.

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 >