News

Per the attachment, a notice has today been sent the Company’s shareholders informing that the 2017 Annual General Meeting («AGM») of the Company will be held at Canon’s Court, 22 Victoria Street, Hamilton HM 12, Bermuda, on 21 September 2017 at 3:00 pm (CET).

The proposed agenda comprises solely the ordinary business of the AGM.

Participation by way of proxy only: Shareholders of the Company are asked to submit their proxies for participation to the Company’s registrar in DNB Bank ASA no later than 12:00 CET, 18 September 2017, as further instructed in the attached notice of the AGM.

2017-AGM-Notice-ATDL

Semi Tender Beta ,under contract with Petrobras, has commenced it’s relocation back to Petrobras’s P61 TLP following a hibernation period. Once moored and connected to the TLP there will be a period of time to undertake inspection and reactivation work. After which the Beta is set to resume drilling operations.

Mr. Eriksen has 20 years of extensive international experience within the offshore and shipping industries. From 2008 until 2017 he held various roles with Frigstad Offshore, the last 8 years as CEO. Prior to that he spent more than 10 years in several positions with the A.P. Moller-Maersk Group at several of their international locations, most of the time with Maersk Contractors. From 1997 to 1999 he was with Maersk Line, completing a graduate management trainee programme at Maersk Shipping Academy. Mr. Eriksen was educated at NMH/BI Norwegian School of Management, the University of Oslo, as well as the Officers’ Training School of the Norwegian Army.

Atlantica and a number of its Team members support the incredible service being performed by Mercy Ships, particularly the civilian hospital / surgical Africa Mercy as it provides state-of-the-art care for those who would otherwise go without care… and they provide this service free of charge.  Mercy Ships began sailing on their mission to provide hope and healing to the world’s forgotten poor in 1978.  Each year they have been able to reach more people to provide life-changing surgeries.  In 2013 1,190 eye surgeries and 1,373 other surgeries were performed, as well as 37,463 dental procedures and 12,004 eye evaluations.  Every port brings new challenges, new successes – and new lives transformed forever.

I encourage you to at least click open Mercy Ships link https://www.mercyships.org/ to see what they are all about.  It really is quite an incredibly unique organization that is totally not for profit, which is such a wonderful thing in this corporate age we find ourselves in.  Even if you are unable to donate, just knowing there is something out there like Mercy Ship will make your day that much better!

 

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The MS150 fundraising ride for 2016 has come to an end. This year we were faced with more rain and an eventual cancellation of Day 2. Once again the MS organization reacted quickly and they were able to ensure that the riders had a safe well organized ride.

The riders began their ride at the Houston and Waller locations and road to the finish line in La Grange. The weather was perfect on Saturday morning and conditions continued to favor riders with temperatures ranging in the mid to upper 70s and a tail wind to aid in their effort. Atlantica had 12 riders this year and all 12 riders crossed the finish line!

This year Team Atlantica was able to stay at a peaceful ranch in La Grange. This included enjoying the relaxing outdoors, comradery and the roasting of a 30 pound pig!

Thanks to Team Atlantica and their Sponsors we were gladly able to raise over $9,000 in contributions for the National Multiple Sclerosis Society.

2016-04, MS 150 group photo

For the second year in a row Atlantica participated in the Souper Bowl of Caring food drive through the Houston Food bank. With the goal to surpass last year’s food donation, the team was able to contribute $160.00 in monetary donations and 261 pounds of food to help our community in need. We are hopeful our contribution makes an impact in the fight against hunger and are determined to reach an even higher goal next year! As a team we can unite to help others in need.

SouperBowl 2016

TFT Santa

Team Atlantica is excited to announce the partnership with the Houston Fire Department in gathering Toys for Tots this holiday season. Our goal was to provide an underprivileged child with a it of holiday cheer that otherwise may be absent from their lives. Atlantica was able to gather an abundance of various toys for tots which were delivered to Houston Fire Station #2 for distribution before Christmas. As a team we believe; it is better to give than to receive!

Happy Holidays

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On November 6, 2015 Atlantica lent a helping hand at the Houston Food Bank by volunteering 54 hours. Creating a total of 3,240 meals as a group by helping sort, process and pack food. It was an amazing event to be part of and to be able to help those in need by serving our community. By volunteering, a greater understanding was obtained of what the Houston Food Bank does to fight against hunger as well as the positive impact that volunteerism has in our city. Atlantica is proud to be a part of the Houston Food Bank honorable effort against hunger.

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In honor of Women’s Equality Day on August 26, 2015, the ladies of Team Atlantica gathered a variety of professional attire to be donated to Dress for Success via Uber. The gently used professional attire ranged from suits to handbags and with the help of the designated Uber driver, the items were successfully delivered to the Dress for Success Houston location. All of the ladies who were able to contribute felt that helping other ladies be able to strive in the workforce was extremely empowering.

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On May 26, 2015 Houstonians woke up to their beloved city drowned in multiple inches of water from the recent floods that hit the state of Texas. As the community asked for support to those in need, Team Atlantica immediately gathered items that would help those who had lost nearly everything. The donations of cleaning products, diapers, water bottles, gift cards and beyond illustrated Atlantica’s compassion and solidarity to our neighbors, friends, and family effected by the flood. The special events committee coordinated the donation drive with a community team leader which was very well received:

“I am writing to express my deepest thanks for your recent donations to help the flood victims. Generous gifts from donors like you and your colleagues have really helped so many families. Your commitment to helping families that have been flooded in our community is sincerely appreciated. I am so touched by everybody’s generosity. I have dropped off cleaning items and gift cards to several families that have been brought to tears by the way the community has rallied around them and helped them in this difficult time. I cannot thank you enough for everything that y’all did. I am continuing to hand out cleaning supplies and I have passed the wipes and blankets to someone working with families of small children that have been affected by the flood. Thank you and Team Atlantica again for your generous support.

Best Wishes,

Alissa C Frenzel

Chair of Household Items”

Atlantica was proud to team up and commit to helping Houstonians effected by the flood. The organization looks forward to giving back to the community as the opportunity arises under any circumstance.

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The MS150 is now over and this year we had the added logistical challenge when Day 1 of the ride was suddenly cancelled due to severe weather and washed out the fairgrounds at La Grange. There had been a considerable amount of planning for this event and the last minute cancellation (Friday afternoon) by the MS150 administration provided an unwelcome challenge to the plans which were well in place by that point.

Needless to say the planning committee rose to the challenge with alternate plans and preparations to meet the needs of the team.

For the riders, it was a demanding Sunday with afternoon temperatures in excess of 90°F / 32.2°C and of course, a persistent wind in the wrong direction. Atlantica had over twenty riders on the team, five of which were “first time riders” and all of them, despite less than ideal conditions, crossed the finish line completing the event.

Team Atlantica surpassed their previous fundraising efforts and has raised almost $20,000 at this point for the MS Society.

2015-04, MS 150 group photo

[1-February-2015] Atlantica participated in the first ever Souper Bowl of Caring food drive. This is a national event dedicated to tackling hunger in our area. Houston boasts the largest food bank in the country that specializes in assisting the working-poor. Every single person that receives assistance from the Houston Food Bank is employed but unfortunately cannot afford to feed themselves or families. In 2 weeks-time, we were able to contribute $870.00 in monetary donations and 235 pounds of food to help our community.

We had the privilege of touring the facility while we dropped off the donations. It was extremely inspiring to know that all donations, no matter how small, can make an impact in someone’s life.

2015-02-01, Souper Bowl Reporting Certificate

Bluebonnet season in Texas lasts from April to early summer. It makes for a gorgeous backdrop when cycling from Houston to Austin. However the riders featured above are not cycling just for recreation or to look at bluebonnets, they are on their bikes riding 150 miles over the course of 2 days to raise funds to eradicate multiple sclerosis. MS is a chronic, unpredictable disease of the central nervous system (the brain, optic nerves, and spinal cord). It is thought to be an autoimmune disorder, which means the immune system incorrectly attacks the person’s healthy tissue.

Since the inception of our company, formerly BassDrill, we have been an active participant in the BP MS150. This year was, by far, the company’s most successful fundraising effort. Team Atlantica raised a total of $18,663.00, which doubled our total from 2013’s donations. Atlantica’s goal is to increase both our ridership and our donation total for 2015 and beyond!

Together, this great company can help fight MS! Kudos to the riders and volunteers who made this great accomplishment happen! GO TEAM ATLANTICA!

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April 11, 2014 the Semi Tender “Beta”, under contract to Petrobras, departed the wharf in Rio de Janeiro bound for Petrobras’s P-61 tension leg wellhead platform (TLWP) in the Campos Basin. The next operation will involve mooring the rig adjacent to P-61 and thereafter assembling the drilling package onto the deck of the TLWP before commencing the long duration drilling program.

March 19, 2014 the BassDrill Beta semi tender commenced its term contract with Petrobras. The Beta cleared all Brazilian importation and regulatory requirements and is presently awaiting it’s mobilization to P-61 for the commencement of the Papa Terra drilling program.

January 30, 2014 Mr. Kjell-Erik Østdahl has been appointed to the Atlantica Tender Drilling Ltd.’s Board of Directors with immediate effect. Mr. Østdahl is a senior partner at HitecVision, Atlantica’s majority owner through the HitecVision Asset Solutions fund.

Mr. Østdahl replaces Mr. Alf C. Thorkildsen, senior partner at HitecVision, as Mr. Thorkildsen has resigned his directorship at Atlantica Tender Drilling Ltd.

Mr. Østdahl has 24 years of experience in the oil and gas sector, and joined HitecVision in 2013. He has mainly worked for Schlumberger throughout his career, starting as field engineer and evolving into different management roles within operations, marketing and supply chain in China, US, UK and Norway. From 2011 to 2013 he was Executive Vice President based in Schlumberger’s HQ in Paris, reporting directly to the CEO. He also worked as Chief Procurement Officer in Statoil between 2006 and 2007. Kjell-Erik Østdahl received a MSc in Electrical Engineering from the Norwegian University of Science and Technology (NTNU) in 1988.

January 16, 2014 Atlantica Management (USA) Inc. is pleased to announce the Certification of their Health & Safety Management System against the requirements set forth by OHSAS 18001:2007 as applicable to the provision of contract tender assist drilling services.

December 19, 2013 Atlantica is awarded a five well contract (approx 400 days) for the heavy tender barge «Gamma» to work for Foxtrot International on the Marlin Field Development Project off the Cote D’Ivoire. Contract commencement is set for Q1, 2015 following the delivery of the «Gamma» in late 2014. With this contract «Gamma» will be the third Atlantica rig contracted to the West Africa tender market.

Atlantica’s “BassDrill Beta” semi-submersible tender assist vessel has today been delivered from the yard, Dalian Shipbuilding Industry Offshore Co. Ltd., with Atlantica’s wholly owned subsidiary BassDrill Beta Ltd. (Malta) having registered title to the vessel.

The “Beta” has received formal acceptance by Petrobras and will imminently, weather permitting, depart China heading for Brazil. Once in Brazil and following regulatory clearance formalities, the Beta will be moored alongside Petrobras’s P61 TLP. The modular drilling package will be assembled on the TLP where it will undertake the development drilling program as part of the Papa Terra development.

Mr. Jacobsen has more than 27 years of experience within the finance and oil services industries. Mr. Jacobsen has recently been an advisor to the drilling industry with Fearnley Offshore and R.S. Platou, CFO of Frigstad Discoverer Invest Ltd. (BVI) and CFO for the seismic company Exploration Resources ASA. Mr. Jacobsen also served for 14 years as head of research and financial analyst for various Nordic investment banks covering the oil industries. Mr. Jacobsen has a business degree from the Norwegian School of Economics and Business Administration (NHH) and is qualified as a Certified European Financial Analyst (CEFA).

The first blocks of the Gamma hull were placed into the dry dock at DSIC Yard #2 marking the official date of keel laying.

Houston-based BassDrill Ltd. has announced that it is changing its name to Atlantica Tender Drilling Ltd. This change is part of a larger rebranding effort designed to reflect the growing strength of the company.

“Atlantica is the name given to an ancient continent that once connected parts of West Africa and Eastern South America, our primary marketing area,” said President Kerry Kunz. “The new name is an essential move that reflects our position as an increasingly global provider of tender assist drilling vessels.”

The name change will have no impact on the way the company operates or its policies and procedures. Management will also remain the same.

“We pride ourselves on our ability to provide safe and cost-effective solutions to the offshore drilling market,” said Kunz. “That philosophy will not change as we continue to expand our operations.”

Backed by Norwegian private equity firm HitecVision, Atlantica continues to invest in the development of new offshore assets. With tender barge Alpha in operation, tender semi Beta deploying this fall, and two additional vessels already ordered, the company is quickly becoming a strong competitor in the tender assist drilling market.

The 2013 Annual General Meeting (“AGM”) of the Company will be held at Canon’s Court, 22 Victoria Street, Hamilton HM 12, Bermuda, on 11 July, 2013 at 3:00 pm (CET).

Participation by way of proxy only: Shareholders of the Company are asked to submit their proxies for participation to the Company’s registrar in DNB Bank ASA no later than 12:00 CET on 10 July 2013, as further instructed in the attached notice of the AGM.

In addition to the customary business of the AGM, the Board of Directors proposes for the consideration of the AGM to approve changing the name of the company to ‘Atlantica Tender Drilling Ltd’.

Mr. Alf C. Thorkildsen has been appointed to the BassDrill Ltd.’s Board of Directors with immediate effect. Mr. Thorkildsen is a senior partner at HitecVision, BassDrill’s majority owner through the «HitecVision Asset Solutions» fund.

Mr. Thorkildsen replaces Mr. Ola Sætre, founding partner at HitecVision, as Mr. Sætre has resigned his directorship at BassDrill Ltd., also with immediate effect.

Mr. Thorkildsen joined the HitecVision partner group in 2013 from the position as Chief Executive Officer of Seadrill (2008-2012). During his tenure, Seadrill grew to become the world’s largest driller by market capitalisation and enterprise value. From 2007 to 2008 Mr. Thorkildsen served as Chief Operating Officer in Seadrill. From 2002 to 2006, Mr. Thorkildsen was the Chief Financial Officer for the offshore drilling contractor Smedvig, and following the acquisition of Smedvig by Seadrill, Mr. Thorkildsen served as the Chief Financial Officer in Seadrill until 2007. Prior to joining Smedvig, Mr. Thorkildsen worked for more than 20 years at Royal Dutch Shell plc, or Shell, in various senior positions.

Mr. Thorkildsen graduated from Oslo Business School with a degree in economics and from Arizona State University with a Masters of Business Administration.

Contact information:
BassDrill Ltd., Lasse B. Kjelsås, CFO, Tel: +47 908 49 772
E-mail: lasse.kjelsaas@bassdrill.com

On 2 May 2013 BassDrill executes a contract for the construction and delivery of the BassDrill Delta (Delta) at Dalian Shipbuilding Industry Offshore Co. Ltd (DSIC). The Delta is the fourth unit in BassDrill’s fleet and is the second semi tender unit. This vessel will be built against a contract for Total Congo and for use on the Moho Nord development. The Delta is an enhanced version of the BassDrill Beta which is due for delivery in Q3 of 2013 heading for Brazil. The Delta is slated for delivery in Q2 of 2015.

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, HONG KONG OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

BassDrill Beta Ltd. (Malta), a wholly owned subsidiary of BassDrill Ltd., has successfully completed the placement of a second lien bond issue of USD 75 million with maturity in April 2018. The settlement date for the bond issue is expected to be 24 April 2013. The bond carries an interest of 8.5%.

The proceeds from the bond issue will be used to partially finance the delivery installment of the semi-tender assist rig «BassDrill Beta» currently under construction at Dalian Shipbuilding Industry Offshore Co. Ltd, China, scheduled for delivery in August 2013.

Pareto Securities and Swedbank First Securities acted as Joint Lead Managers of the bond issue.

For further information:

Lasse B. Kjelsås, CFO BassDrill, +47 908 49 772

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, HONG KONG OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

BassDrill Beta Ltd. (Malta), a wholly owned subsidiary of BassDrill Ltd., is contemplating the issuance of second lien bonds in the Norwegian bond market with maturity in April 2018.

The proceeds from the contemplated bond issue will be used to partially finance the delivery installment of the semi-tender assist rig «BassDrill Beta» currently under construction at Dalian Shipbuilding Industry Offshore Co. Ltd, China, scheduled for delivery in August 2013.

Pareto Securities and Swedbank First Securities have been retained as Joint Lead Managers of the contemplated bond issue.

For further information:

Lasse B. Kjelsås, CFO BassDrill, +47 908 49 772

Pareto Securities: Inge Edvardsen +47 22 87 87 71

Swedbank First Securities: Håvard Kvam +47 23 11 62 53

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, HONG KONG OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

The Board of Directors of BassDrill Ltd. has today resolved the allocation of shares in the USD 80 million private placement announced on 13 March 2013. A total of 50,000,000 new shares will be issued at a subscription price of USD 1.60 per share. The main purpose of the issue is to finance the first instalment on the BassDrill Delta newbuild and to provide working capital.

Reference is made to the press release regarding the private placement issued on 13 March 2013.
The company’s existing shareholders were given preferential rights to be allocated their relative share of the private placement, and HVAS Invest Zeta AS, the company’s largest shareholder, was allocated 66.5% of the offer shares, whereas Bass Invest AS (controlled by Erland Bassøe) and Erland Bassøe, together the company’s second largest shareholder, were allocated a total of 6.25% of the shares in the offering. The share issue is conditional upon receipt of confirmation of excemption from prospectus requirements in Bermuda, expected shortly.

Pareto Securities AS, SpareBank 1 Markets AS and Swedbank First Securities have acted as joint lead financial managers and ABN Amro Bank N.V. has acted as co-manager in connection with the private placement. Wikborg Rein has acted as legal advisor to the Company, and BAHR has acted as legal advisor to the Managers. Crux Kommunikasjon AS has acted as IR/communications advisors.

Contact information:
BassDrill Ltd.
Lasse B. Kjelsås
CFO
Tel: +47 908 49 772
E-mail: lasse.kjelsas@bassdrill.com

This announcement is not an offer to sell or the solicitation of an offer to participate in, or buy, any securities of the Company issued in connection with the Offering. Such securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Such statements relate to our future plans, expectations and prospects. Generally, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “predict,” “project,” “plan,” and similar expressions identify forward-looking statements. When we make forward-looking statements, we are basing them on our management’s beliefs and assumptions, using information currently available to us. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. We have no intention, and disclaim any obligation, to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.

BassDrill secures contract for a new build semi tender assist unit from Total Congo to be used on the Moho Nord development offshore The Republic of Congo. This award follows an extended Compensated Call for Tender (CCFT) entered into in early 2012 whereby a select group of contenders were pre-qualified to design a modular drilling package to be used on the tension leg platform set to be deployed in 2015. The second stage involved a tender exercise which has now concluded. This semi tender “Delta” construction will commence in Q2 of 2013 with a delivery in Q2 of 2015. The drilling package will have a number of unique features specific to the needs to the long term drilling program, which is set to commence in Q3 of 2015. This will be BassDrill’s fourth unit and second semi tender.

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, HONG KONG OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

The Board of Directors of BassDrill Ltd. has resolved to carry out a private placement of 35,555,556 million new shares in BassDrill Ltd. The subscription price has been set at USD 2.25 per share. The main purpose of the issue is to finance the first instalment on the BassDrill Delta newbuild and to provide working capital.

HVAS Invest Zeta AS, the Company’s largest shareholder, holding 54.03% of the existing shares in BassDrill Ltd., has undertaken to subscribe for, and been guaranteed allocation of 54.03% of the offer shares. Erland Bassøe and Bass Invest AS (owned by Mr. Bassøe), owning a total of 14.24% of the existing shares in the company, has undertaken to subscribe for, and been guaranteed allocation of, 2,222,222 offer shares. The company will seek to give existing shareholders as recorded in the VPS 6 March 2013 preferential right to allocation of their pro rata portion of the offer shares.

The application period has been set to 13 March 2013 at 14:00 (CET) through 22 March 2013 at 08:30 (CET), although BassDrill Ltd. at any time may close or extend the application period at its own discretion. The offering will be directed to existing shareholders and Norwegian and international investors contacted by the Managers. The minimum subscription will be a USD amount equalling EUR 100,000, except for existing shareholders as recorded in the VPS 6 March 2013, and the offer is exempted from the prospectus requirements under the Norwegian Securities Trading Act chapter 7.

Recent developments
The tender rig market has developed favorably during the first quarter of 2013, confirming a continued positive trend experienced over the past several years. As part of this positive market sentiment, BassDrill anticipates being awarded a contract for the semi tender rig BassDrill Delta in the near future. This will be a new addition to BassDrill’s tender rig fleet and the company is currently in the final stages of negotiating a construction contract with a shipyard in this regard.

BassDrill is a leading tender rig company that currently operates and manages the tender barge BassDrill Alpha (25.26 percent ownership), which is under contract for Total E&P Congo. Furthermore, BassDrill has two wholly owned tender rigs under construction at Dalian Shipbuilding Industry Offshore Co. Ltd. The semi tender rig BassDrill Beta is contracted for 1,500 days to Petrobras for a deep water development offshore Brazil starting 4Q 2013, whereas the heavy tender barge BassDrill Gamma, scheduled for delivery in 3Q 2014, is currently being marketed for opportunities in the market and BassDrill expects to announce a charter contract later this year.

Pareto Securities AS, SpareBank 1 Markets AS and Swedbank First Securities will act as joint lead financial managers and ABN Amro Bank N.V. has acted as co-manager in connection with the private placement. Wikborg Rein has acted as legal advisor to the Company and BAHR has acted as legal advisor to the Managers. Crux Kommunikasjon AS has acted as IR/communications advisors.

For further information:
Kerry Kunz, President BassDrill, +1 832 715 2465
Lasse B. Kjelsås, CFO BassDrill, +47 908 49 772

This announcement is not an offer to sell or the solicitation of an offer to participate in, or buy, any securities of the Company issued in connection with the Offering. Such securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Such statements relate to our future plans, expectations and prospects. Generally, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “predict,” “project,” “plan,” and similar expressions identify forward-looking statements. When we make forward-looking statements, we are basing them on our management’s beliefs and assumptions, using information currently available to us. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. We have no intention, and disclaim any obligation, to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.

Mike Smith has joined BassDrill in the capacity of Vice President of Projects. Owing to the increasing number of projects and with more expected, BassDrill has elected to establish a department specifically to control, monitor and deliver new build projects in line with expectations. Mr. Smith, who holds a Master’s Degree in Naval Architecture, has a lengthy background in the offshore industry including new builds. We welcome Mr. Smith to BassDrill and look forward to his knowledge being used to further the growth of the company.

BassDrill has consummated phase II of the contract with Daewoo International for the management of the operator owned integrated platform drilling rig due to be set in position early 2013 in waters offshore Myanmar.

The contract involves the complete management of the drilling unit and shore bases service for the duration of the SHWE drilling program. BassDrill previously managed phase I which involved rig management during the design and construction phase from mid-2009 to the conclusion of phase I, which coincided with the commencement of phase II.

Contact information:
BassDrill Ltd.
Lasse B. Kjelsås
CFO
Tel: +47 908 49 772
E-mail: lasse.kjelsaas@bassdrill.com

November 16, 2012 Total Congo and BassDrill have executed an agreement to extend the present contract for the BassDrill Alpha for a two year firm period commencing at the conclusion of the present 12 well contract. The contract extension will commit the Alpha through the end of 2015. An option to further extend the Alpha for an additional period has also been agreed to.

Contact information:
BassDrill Ltd.
Lasse B. Kjelsås
CFO
Tel: +47 908 49 772
E-mail: lasse.kjelsaas@bassdrill.com

On 10 October 2012 Petrobras exercised its right to extend the contract duration for the BassDrill Beta from the original term of 945 days to 1500 days. The Beta, currently under construction, is set for delivery in August 2013 and will thereafter be immediately mobilized to Brazil where it will commence the drilling campaign on the Papa Terra TLWP.

Contact information:
BassDrill Ltd.
Lasse B. Kjelsås
CFO
Tel: +47 908 49 772
E-mail: lasse.kjelsaas@bassdrill.com

BassDrill effectuated it’s previously negotiated construction contract (cf. announcement of 22 August) for it’s third vessel “Gamma” with Dalian Shipbuilding Industry Co. Ltd. and Dalian Shipbuilding Industry Offshore Co. Ltd. (together, DSIC). This marks the commencement of the 21 month construction and delivery period. The Gamma is being actively marketed in the traditional tender assist regions of SE Asia and West Africa.

Contact information:
BassDrill Ltd.
Lasse B. Kjelsås
CFO
Tel: +47 908 49 772
E-mail: lasse.kjelsaas@bassdrill.com

With reference to the announcement made 12 September 2012 regarding BassDrill having accepted an offer for improved payment terms for the newbuild BassDrill Gamma, these terms have today been approved and ratified by the board of the Dalian Shipbuilding Industry Company Ltd.

The renegotiated payment terms involve a down payment of 15 percent by BassDrill for construction on the BassDrill Gamma to commence and the construction contract to become effective, with the remaining being payable upon delivery.

For further information:
Lasse B. Kjelsaas
CFO
Tel: + 47 23 00 10 12
E-mail: lasse.kjelsas@bassdrill.com

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, HONG KONG OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

The Board of Directors of BassDrill Ltd. has resolved on the allocation in a USD 35 million private placement. A total of 25,000,000 new shares will be issued at a subscription price of USD 1.40 per share. The main purpose of the issue is to finance the first instalment on the BassDrill Gamma newbuild and to provide working capital.

The company’s existing shareholders were given preferential rights to be allocated their relative share of the private placement, and HVAS Invest Zeta AS, the Company’s largest shareholder, was allocated 56.8% of the offer shares, whereas Bass Invest AS (controlled by Erland Bassøe) and Erland Bassøe, together the company’s second largest shareholder, were allocated a total of 14.2% of the shares in the offering.

Reference is made to the press release regarding the private placement issued on 4 September 2012.

The subscription period was extended to 14 September at 16:30 CET, and the total offer size was reduced to USD 35 million due to improved payment terms with the Dalian Shipbuilding Industry Company Offshore Ltd. and Dalian Shipbuilding Industry Company Ltd. for the construction of the tender assist unit BassDrill Gamma.

Payment for the allocated shares will take place on or about 26 September 2012, and the registration of the new share capital in the Register of Members in Bermuda is expected to take place on or about 28 September 2012, conditional upon receipt of an exemption from prospectus requirements in Bermuda expected shortly. The new shares are expected to be delivered to the subscribers on or about 1 October 2012.

Arctic Securities ASA, Pareto Securities AS and SpareBank 1 Markets AS have acted as joint lead financial managers in connection with the private placement. Wikborg Rein has acted as legal advisor to the Company and Schjødt has acted as legal advisor to the Managers. Crux Kommunikasjon AS has acted as IR/communications advisors.

For further information:
Lasse B. Kjelsaas
CFO
Tel: + 47 23 00 10 12
E-mail: lasse.kjelsas@bassdrill.com

This announcement is not an offer to sell or the solicitation of an offer to participate in, or buy, any securities of the Company issued in connection with the Offering. Such securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Such statements relate to our future plans, expectations and prospects. Generally, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “predict,” “project,” “plan,” and similar expressions identify forward-looking statements. When we make forward-looking statements, we are basing them on our management’s beliefs and assumptions, using information currently available to us. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. We have no intention, and disclaim any obligation, to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.

BassDrill has accepted an offer for improved payments terms for the newbuild construction contract for the heavy tender barge BassDrill Gamma with Dalian Shipbuilding Industry Company Offshore Ltd. (DSIC Offshore) and Dalian Shipbuilding Industry Company Ltd. (DSIC). The offer stipulates a down payment of 15 percent and the remainder upon delivery. The original construction contract entered into in Q2 2012 stipulated a 20 percent down payment.

The improved payment terms is contingent on formal DSIC board approval, expected by September 17 2012.

BassDrill will make the down payment by 1 October 2012, making the construction contract effective.

For further information:
Lasse B. Kjelsaas
CFO
Tel: + 47 23 00 10 12
E-mail: lasse.kjelsas@bassdrill.com

Reference is given to the notice of the Annual General Meeting on 21 August 2012.

The Annual General Meeting of the Company was held today at the Company’s offices at Canon’s Court, 22 Victoria Street, Hamilton HM12, Bermuda. All items as proposed on the agenda were adopted. Please find attached the minutes of the meeting.

AGM minutes BassDrill sept 2012

For further information:
Lasse B. Kjelsaas
CFO
Tel: + 47 23 00 10 12
E-mail: lasse.kjelsas@bassdrill.com