Jacktel AS to initiate discussions with bondholders
Reference is made to Jacktel AS’ (the “Company”) 4Q 2019 Interim Report dated 13 February 2020, regarding the expiry of Jacktel’s firm contract for the accommodation rig Haven with Equinor at Johan Sverdrup. Since the expiry of the firm contract on 7 December 2019, Haven has been employed on a lay-up contract with Equinor at the same field. The lay-up contract expires on 15 April 2020, and no new contract or firm opportunity for work has been signed for the rig. The rig is planned to be demobilized to shore during April.
Following the recent market turbulence including significant drop in oil price and the expiry of the current contract in April, the Company has decided to approach the current bondholders in its USD 150 million senior secured bond issue JACKT02 PRO (ISIN: NO 0010836778) to propose certain changes to the Bond Terms, in order to secure a sustainable runway up to the end of 2021 allowing the Company to focus its work on securing new employment for the rig to the benefit of all stakeholders.
The Company has engaged Pareto Securities AS as financial advisor in connection with the proposed amendments of the Bond Terms.
Jacktel AS is a wholly owned subsidiary of Macro Offshore Ltd, an accommodation provider with a strong track record in providing safe, efficient and reliable accommodation services.
Further questions and inquiries may be directed to:
Bjørn Eie Henriksen, CEO - Macro Offshore AS, +47 941 30 432
Daniel Samuelsen, Finance Manager, +47 917 58 301
Stavanger 31. Mars 2020
Jacktel AS – Lay-up Contract at Johan Sverdrup
Jacktel AS, a wholly owned subsidiary of Master Marine AS, has agreed with Equinor that Haven shall be laid up at Johan Sverdrup following the expiry of the firm contract Dec 7 2019. Equinor will have the option to use up to 300 beds during the lay up period, and Jacktel has the option to terminate the contract at any time in the period between December 7, 2019 and April 15, 2020 in order to take on another contract.
The agreement covers a period of 130 days. Contract value is between USD 6.4 mill and USD 25.7 mill pending bed utilization of the vessel.
Jacktel AS is a Norwegian accommodation provider, with a strong track record in providing safe, efficient and reliable accommodation services. Haven is currently running on power from shore reducing the operations carbon foot print significantly compared to a traditional DP semi.
For further information, please contact:
Bjørn Eie Henriksen, CEO - Macro Offshore AS, +47 94 13 04 32
Daniel Samuelsen, Finance Manager, +47 91 75 83 01