Standard Drilling Extends Letter of Intent with UMW Petropipeadmin
Standard Drilling reports that the previously announced letter of intent with UMW Petropipe (L) Ltd has been extended through the end of January 2007.
The Parties expect to conclude the agreements (share sale agreement, joint venture agreement, shareholder agreement and management agreements in respect of the operations of the jackup rigs) before the end of January 2007.
The announcement from November 9, 2006 called for UMW Petropipe to own 51% rig L201 and L203. The average transaction value of the two rigs is estimated to be approximately US $176.5 million per rig.