[3-December-2019] Atlantica Tender Drilling Ltd. (ATDL) Update on Merger with Energy Drilling Company news

On 04 April 2019, ATDL and Energy Drilling Pte. Ltd (Energy Drilling) announced the signing of a letter of intent to merge the two companies. The decision has now been taken to postpone the merger.

In the last months, both ATDL and Energy Drilling have worked hard to secure longer term financing and support for the merger. While respective shareholder and lending groups have been positive to a merger, it has proved difficult to obtain longer term financing to support a combined company given the current market conditions. This has been influenced particularly by upcoming contract extensions in ATDL expected during Q1 2020.

ATDL believes that greater certainty regarding the contractual backlog should support renewed financing and merger talks in the first half of 2020.

For further information, please contact:

Reese McNeel
Atlantica Tender Drilling Ltd
+47 41508186