Contact: Kai Solberg-Hansen
Phone: +47 2415 3900
Fax: +47 8502 9311
Email: Send an email
Thule Drilling ASA, build and operate rigs
Thule Drilling ASA was incorporated as a private limited liability company on February 7, 2005. The Company was converted into a public limited liability company on April 15th 2005. The Company’s purpose is to build and operate rigs, primarily through the reconstruction of the jackup drilling rig to be named “Thule Power” and the building of the newbuilding jack-up rigs “Thule Energy” and “Thule Force”. In the spring of 2005, the Company bought the cap-sized jack-up rig “Arabdrill 19”, renamed “Thule Power” for USD 2.5 million. Thule Drilling entered subsequently into a reconstruction agreement with the QGM yard with an expected project cost at about USD 80 million. The Company raised approximately USD 80 million of capital, consisting of NOK 250 million of equity and NOK 250 million under the Bond Loan with warrants, to fund the acquisition and reconstruction cost of “Thule Power”. In the summer of 2005, the Company acquired options free of charge to build an additional 13 jack-up rigs at the yard. In August 2005, Thule Drilling acquired two semi-submersible hulls being renamed “Thule Challenge” and “Thule Phoenix”. Thule Drilling ASA entered into a yard supervision agreement with the English company Noble Denton & Associates. They are following the rebuilding of the “Thule Power” and the building of the two newbuildings. Noble Denton is a leading company within offshore design, engineering and control. The QGM Group LLC, where “Thule Power” is rebuilt and “Thule Energy” and “Thule Force” will be built, has its headquarters in Dubai. QGM is operating a yard in the Hamriyah Free Zone, in Sharjah, UAE. This yard was established in 2003 and is now expanding to focus especially on building, inspecting, repairing and maintenance of jack-up rigs. The leadership of QGM has vast international experience from offshore related projects. In January 2006, the Company exercised two of the newbuilding options to build new jack-up rigs at the QGM yard in Dubai. The two rigs will be built according to the “Friede & Goldman Super M2” design for operations at 300 feet water depth and with 30 000 feet drilling capacity. The total delivery price is USD 120 million each with delivery in 4Q 2007 for “Thule Energy” and 1Q/2Q 2008 for “Thule Force”.