News

Petrobras has exercised their right to utilize a clause in the contract to extend the primary term of the contract duration by 60 days while retaining their right to a further extension(s) utilizing the same clause.  This extends the contract term to the end of June 2018.

Petrobras has exercised their right to utilize a clause in the charter contract for BassDrill Beta which permits extending the primary term of the contract by the sum of accumulated downtime incurred during the original 1500-day term. This extends the term of the contract to the end of August, 2018.

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.

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

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 28,571,428 million new shares in BassDrill Ltd. The subscription price has been set at 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.

HVAS Invest Zeta AS, the Company’s largest shareholder, holding 52.6%, has pre-subscribed and will be allocated 52.6% of the offer shares. Existing shareholders as recorded in the VPS 4 September 2012 will be given preferential right to allocation of their pro rata portion of the new shares.

The application period has been set to 5 September 2012 at 09:00 (CET) through 11 September 2012 at 16:30 (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 4 September 2012, 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 half year of 2012, confirming a positive trend experienced over the past several years. BassDrill currently operates and manages the tender barge BassDrill Alpha (25.3 percent ownership), which is under contract for Total E&P Congo.

The semi tender rig BassDrill Beta (100 percent ownership) is under construction at Dalian Shipbuilding Industry Offshore Co. Ltd. and is contracted to Petrobras for a deep water development offshore Brazil. During the summer, BassDrill received confirmation that the board of Petrobras has approved an extension of the contract period from 945 days to 1,500 days. This proposed extension is subject to final partner approval. Petrobras has in addition initiated and approved upgrades to the rig totaling USD 53 million. According to Petrobras’ proposal, 50% of the cost of these upgrades shall be covered by Petrobras up front, upon delivery in China, and 50% from increased day rates, if the contract term is extended to 1,500 days. For a 945 day contract term, 100% of the upgrade costs would be payable up front on delivery in China.

As announced on 22 August 2012, BassDrill has expanded its portfolio of units, and entered into a contract to construct the tender assist unit BassDrill Gamma with Dalian Shipbuilding Industry Co. Ltd and Dalian Shipbuilding Industry Offshore Co. Ltd. The contract will becomes effective on certain conditions thereunder payment of the first installment, which is expected on or before 1 October 2012. The parties also entered into option agreements for the construction of up to four additional units.

“The tender rig market is currently experiencing strong demand. Combined with high growth in deepwater field development projects, we consider the market outlook to be strong as well. BassDrill has reached some significant milestones over the last months, and we are excited to actively seek further opportunities in a buoyant drilling market,” says Kerry Kunz, CEO of BassDrill Ltd.

Arctic Securities ASA, Pareto Securities AS and SpareBank 1 Markets AS will act 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:
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.

BassDrill’s board of directors has approved the order of a third tender assist unit, the “Gamma“, under a turn-key construction contract with Dalian Shipbuilding Industry Co. Ltd. and Dalian Shipbuilding Industry Offshore Co. Ltd. (together, DSIC). The contract price for the Gamma is USD124 million with a 21-month delivery period. The parties also concluded option agreements for the construction of up to four additional units.

The Gamma, and any other units that are ultimately contracted, will be constructed on a turn-key basis in Dalian, China, where BassDrill’s semi tender, the “Beta“, is presently under construction for charter to Petrobras. Each unit built under the construction contract with DSIC has a 21-month delivery period from the effective date of the relevant construction contract. The construction of the Gamma will commence upon making the initial payment. “We’re pleased to announce this contract. Gamma represents an important step in the development and progress of BassDrill. The outlook for the tender rig market is very positive, and adding this new unit to our existing operation and the Beta unit already contracted by Petrobras will confirm our position as a leading challenger in a market segment set for strong growth”, says BassDrill President, Kerry Kunz.

The Gamma has been designed and configured for deep-drilling operations and contains a number of attributes for both safety and efficiency. The modular mast equipment packages will be constructed by a third-party provider and integrated with the vessel during the commissioning phase. The mast equipment package is designed for minimal lifts in order to reduce the assembly and moving times between platforms.

BassDrill is very pleased with the expanded working relationship with DSIC and believes that the Gamma will prove attractive to operators in both South East Asia and West Africa.

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

Attached the notice that the 2012 Annual General Meeting (“AGM”) of the Company will be held at Canon’s Court, 22 Victoria Street, Hamilton HM 12, Bermuda, on: 5 September, 2012 at 3:00 pm (CET).

In addition to the customary business of the AGM, the Board of Directors proposes for the consideration and approval of the AGM an increase in the Company’s authorized capital to be used in one or more share offerings to existing shareholders and new investors.

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 4 September 2012, as further instructed in the attached notice of the AGM.

Contact person:
BassDrill Ltd.
Lasse B. Kjelsaas
CFO
Tel: + 47 23 00 10 12
E-mail: lasse.kjelsas@bassdrill.com

Notice of Annual General Meeting BassDrill Ltd

On July 27, 2012 Petrobras approved an upgrade to the mooring system along with other required enchancments to the BassDrill Beta semi tender assist unit under construction at DSIC. The enchancements were deemed necessary in order to maximize uptime during the drilling of the Papa Terra development program. In order to perform the required upgrades, a revised delivery date has been agreed to between the parties of October 2013.

With reference to the stock exchange announcement on May 16, Mr. Bjørn C. Jacobsen was appointed to be a member of the BassDrill Ltd.’s Board of Directors, with effect from the time of listing. Following the decision to withdraw the application for listing of the company’s shares on the Oslo Stock Exchange, announced on May 24, the Board has decided to appoint Jacobsen as board member with immediate effect.

BassDrill Ltd. has decided to withdraw the application for listing of the company’s shares on the Oslo Stock Exchange (OSE). The decision is based on an evaluation of the recent market conditions. The company retains its ambition to seek a listing when market conditions stabilize.

The tender rig market has developed favorably during the first months of 2012 confirming a positive trend experienced over the past several years. BassDrill, which currently operates and manages the tender barge BassDrill Alpha (25.3 percent ownership) which is under contract for Total Congo, and has the semi tender rig BassDrill Beta (100 percent owned) under construction and will go on contract to Petrobras, is well positioned in this growth market.

The company maintains its ambition to pursue growth opportunities and aim for the position as the leading challenger in the tender rig segment of the offshore rig market. However, in the present situation in the financial markets, it is the Boards’ view that not even quality investment cases receive a market pricing that reflects the underlying values and its potential for value creation. In combination with advice from the company’s financial advisors BassDrill’s Board of Directors has thus concluded to pursue growth opportunities without seeking an OSE listing in June as originally planned.

BassDrill intends to proceed with its growth plans and ambitions by implementing a financial strategy that will satisfy the Company’s capital requirements going forward, when and as needed, supported by anchor investor HitecVision Asset Solutions.

The shares in BassDrill will remain tradable via the Norwegian OTC market.

Mr. Bjørn C. Jacobsen has been appointed to be a member of the BassDrill Ltd.’s Board of Directors. BassDrill Ltd. submitted its application for listing of the company’s shares on the Oslo Stock Exchange on 14 May 2012 and Jacobsen will assume the position as board member with effect from the time of listing.

Bjørn Jacobsen has 27 years of working experience after his business degree (The Norwegian School of Economics and Business Administration (NHH), 1984). During 14 of these he has been head of research/analyst with different Nordic investment banks. The latest four and a half years he has been a rig broker at the offices of Fearnley Offshore and RS Platou (USA) Inc., respectively, in Houston. Jacobsen has significant experience and network from working towards both existing major drilling contractors as well as with newcomers to the business both in the US, Greece and other regions of the world.