Thule Challenge sold to Atlantic Marine Offshore
By Karen Remo-Listana
Posted: 20 February 2006
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Thule Challenge, Thule’s semisubmersible was sold to Atlantic Marine Offshore Services in Dubai for $40 million. The submersible was previously bought last year by Thule Drilling from Momentum Engineering in Dubai along with another submersible, renamed Thule Phoenix from Atwood Oceanic in USA.
 The total purchase price for the two units was $27 million. It would be remembered that these two rigs were financed last year through a private placement done by Fearnley Fonds issued at $3.92 per share.
Thule Drilling will book a profit of about $22 million in the first quarter of 2006 due to the sale of Thule Challenge.
The company said it is focusing on becoming a pure jackup rig owner and selling the semisubmersible is thus part of this strategy. “Potential buyers are still showing a keen interest, and selling Thule Phoenix is a viable option. With Thule Challenge’s sale in mind, buying the rigs six months ago were a very good move,” it said.
In addition to the remaining semisubmersible, Thule Drilling has the jackup rig Thule Power that is scheduled to be delivered in August 2006. The rig has a letter of intent that secures employment for five years at a rate of $80,000 per day. The rig will be repaid in less than three years.
The company also has the two newbuild jackup rigs Thule Energy and Thule Force that will be delivered in November 2007 and March 2008 respectively. Funding for the two rigs was obtained in January 2006 through a private placement done by Fearnley Fonds and First Security.
The Company also has an additional nine newbuild options to build jackups at the QGM yard in Dubai, UAE. The first option can be declared in October 2006.
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