Caspian Sunrise, an oil and fuel firm with a deal with Kazakhstan, has accomplished the acquisition of the Caspian Explorer drilling vessel.

Caspian Explorer vessel
Caspian Explorer vessel; Source: Saipem

Caspian Sunrise introduced the deal to purchase the Caspian Explorer drilling vessel for $25 million in January 2020.

In July 2020, the corporate obtained regulatory and shareholder approvals for the acquisition of the drilling vessel.

In an replace on Monday, the board of Caspian Sunrise introduced that the re-registration of the shares in Prosperity Petroleum, the UAE firm which is the only real shareholder of KC Caspian Explorer LLP the Kazakh registered entity which owns a 100 per cent curiosity within the Caspian Explorer, has been finalised.

Accordingly, the acquisition of the Caspian Explorer could now be accomplished.

The Caspian Explorer is a drilling vessel designed to function within the excessive, shallow waters of the northern Caspian Sea.

The Caspian Explorer was conceived of by a consortium of Korean corporations together with KNOC, Samsung, and Daewoo Shipbuilding. 

The vessel was assembled within the Ersay shipyard in Kazakhstan between 2010 and 2011 for a building price believed to be roughly $170 million. The complete prices after fit-out are believed to have been roughly $200 million.

The Caspian Explorer turned operational in 2012 at a time of comparatively low oil costs and diminished exploration exercise within the Northern Caspian Sea. In 2017, the Korean consortium determined to promote the Caspian Explorer by the use of a aggressive tender with the client being KC Caspian Explorer LLP.

In 2017, the Caspian Explorer was employed out to a KazMunaiGas / Indian state oil firm three way partnership for $28 million after prices and drilled one exploration properly to a depth of three.5 km.

In 2018, the Caspian Explorer was employed out KazMunaiGas for as much as $24 million drilling one exploration properly to a depth of 1.eight km. The Caspian Explorer didn’t function in 2019 or so far in 2020.

Clive Carver, Chairman, stated: “It is nice to lastly full the acquisition permitted by shareholders again in February. We look ahead to the barge as soon as once more being lively within the shallow northern Caspian Sea”.

The submit Caspian Sunrise completes acquisition of drilling vessel appeared first on Offshore Energy.

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