Following the signing of the Gecamines-GEC JV in September 2004, the anticorruption Lutundula Commission recommended, among other things, that ongoing negotiations on the
KOV basket of assets, be halted.
The sale price represents 100% of the equity and all subordinate loans the Company has invested into
KOV since the acquisition of the Endeavour in late 2012 and its subsequent refurbishment.
The sale price represents approximately 100% of the equity and loans the Company has invested into
KOV since the acquisition of the Endeavour in late 2011 and its subsequent refurbishment.
As previously advised,
KOV executed a Repair Contract with Keppel FELS Shipyard in Singapore for the repair and modification of the jack-up rig, Endeavour.
KOV anticipates over the over the next 5 years both the OCBC and AIDEA facilities will be fully repaid by revenues received under the Bare Boat Charter agreement.
KOV has since appointed Archer Drilling to conduct a detailed scoping study to confirm
KOV's assessment for the modifications and repairs required to bring the Rig back into operational service from its current cold stacked status.
The well is being drilled by KUB-Gas LLC, a company in which
KOV holds a 70% interest.
KOV is in the process of finalising modification and mobilisation budgets.
KOV is now in the process of finalising the Conditions Precedent within the JOA which need to be satisfied so draw down of AIDEA's investment funds can be undertaken.
AIDEA's Preferred Ownership interest will be cancelled as it is repurchased so that on conclusion of the repurchase program
KOV will be the 100% owner of the jack-up rig;
