Borr Drilling completes financial restructuring and conditions for equity offering

first_img Borr Drilling completed financial restructuring. (Credit: gloriaurban4 from Pixabay) The Company is pleased to announce it has obtained significant amendments to facilities from its secured lenders and shipyards that will provide total liquidity improvement of more than $315 million in the period to the first quarter of 2022. These amendments have now been agreed with the following key terms:· Deferral of the delivery of five newbuild jack-ups rigs until mid-2022, representing estimated liquidity improvement of approximately $190 million until the first quarter of 2022.· Deferral of certain interest payments until 2022, representing an estimated liquidity improvement of approximately $60 million.· Deferral of debt amortisation in 2021 of $65 million until maturity of the loans in the second quarter of 2022.· Amendment of certain of the financial covenants, including· Reduction of the minimum liquidity covenant from 3% of net interest bearing debt, to $5 million with a gradual step-up to $20 million at December 31, 2021, which gives a liquidity improvement of up to $40 million in the period. Thereafter the 3% level will be reinstated. As part of the amendments, utilization of the remaining $30 million under our revolving credit facilities require all banks’ consent.· Amending the minimum book equity ratio from 33.3% to 25% up to and including 31 December 2021. Thereafter the required ratio will be 40%.· Suspension of the Debt Service Coverage Ratio covenant of 1.25x until 31 December 2021.· Waivers of certain covenants in our ring-fenced financing structure including incremental liquidity from restricted cash.The amendments provide for payment of certain interest payments originally due at the end of the first quarter of 2020 which had been deferred with lender consent, as well as other amendments to the facilities.“We are extremely pleased with the support given to the Company by all stakeholders. The amended financing package gives a required cash break-even bareboat contribution in 2021 at only around $20,000/day per rig based on just 12 rigs in operation. In addition, the Company has six more rigs activated and available, which it only intends to bring back to work on cashflow accretive contracts. We are also encouraged by the already improving supply-demand outlook for oil, and optimistic that this will lead to a gradual improvement in jack-up drilling activity in the coming year. We furthermore continue to look at additional initiatives to improve liquidity”, says Chairman Paal Kibsgaard.The agreements are conditional on the issuance of 46,153,846 new shares to the subscribers of the $30 million equity offering, which is expected to be settled June 5, 2020.A Special General Meeting of the shareholders of the Company was held on June 4, 2020 at 9:30 a.m. at the Company’s Registered Office, 2nd Floor, 9 Par-la-Ville Road, Hamilton HM11, Bermuda, passing the following resolution: “That the Company’s authorised share capital be increased from US$6,875,000 divided into 137,500,000 common shares of US$0.05 par value each to US$9,182,692.30 divided into 183,653,846 common shares of US$0.05 par value each by the authorisation of an additional 46,153,846 common shares of US$0.05 par value each.” Source: Company Press Release Deferral of the delivery of five newbuild jack-ups rigs until mid-2022last_img read more

A (very large) bit of Morocco in London’s East End

first_imgHome » News » Land & New Homes » A (very large) bit of Morocco in London’s East End previous nextLand & New HomesA (very large) bit of Morocco in London’s East End26 homes to be built around a communal courtyard has something of the Riyadh about it.The Negotiator30th November 20180929 Views A council run shared ownership scheme in McGrath Road development in Stratford, East London, is coming soon under the Newham Newshare equity loan scheme, with SiteSales Property Group providing consultancy on sales, marketing and specification.The development has 26 houses around a communal courtyard, each with a private balcony or a terrace in a contemporary design, the site is finished to a high quality specification. The interiors are well lit and feature integrated appliances.Prices begin at £445,000 for the two bedroom properties and £510,000 for the three bedroom properties. All houses are available for purchase under the Newham Newshare scheme, allowing a percentage of the property to be bought via a mortgage and for the value of the remaining share to be provided as an equity loan from Newham Council.Murray Smith, Managing Director of SiteSales Property Group said, “The McGrath Road development is all about bringing high specification affordable housing to this area. The work Newham Borough Council is undertaking on developments such as this makes a crucial contribution to addressing London’s housing issues.”McGrath Road development shared ownership scheme Stratford Stratford regeneration November 30, 2018The NegotiatorWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021last_img read more

Engineered traffic nightmares

first_imgDear Editor:I have lived in Hoboken for many years and in the same location on Observer Highway. Watching the positive changes since the mid 90’s has been something most cities would love to experience.People want to live here, work here, buy goods and services from here and like most dine here.There isn’t a single downtown Hoboken resident I know who believes the mayor and county’s reconfiguration of Observer Highway is working.In fact I believe any politician who spews stats that it’s safer or no different in my opinion doesn’t travel to this part of town or is simply lying to us.At the corners of Observer and Jackson, Monroe and Jackson and all roads in and out of the southwest are now 24/7 hazardous nightmares.Last week my sister was coming to town at 1p.m. on a Saturday. It took her 45 minutes to get from the entry at the train overpass on Jersey Avenue to my home at The Skyline. Forty five minutes!My sister lives in Somerset County and is not riding a bike down Route 78, and neither are the thousands of employees, visitors and relatives of residents who need to get in and out of our great city.Several months ago the council commissioned a traffic study and the results are being kept way too quiet, something tells me that study was either incomplete or it conflicts with Mayor Zimmer’s Bikes First agenda.Residents of Southwest Hoboken accept a certain amount of traffic and noise, but when that traffic and noise is intentionally engineered to create congestion to discourage cars, with the hope that people will walk, switch to bikes, or take a train, I have to speak out.The city’s businesses, employees and clients as well as our car commuting residents are sitting in daily traffic, traffic that causes unsafe and illegal passing, U-Turns and illegal horn blowing.It’s getting beyond stupid.Maybe by burying one’s head in the sand, city leaders can ignore the reality of this epic engineering failure, and at the same time not hear the horns blowing.A good leader takes credits for their successes but also admits when they make a mistake.There’s still time to fix it, but time is running out. Anthony ‘Tony’ Soares SW Hoboken Residentlast_img read more

Speech: The UK’s trading partnership with Hungary

first_imgIt is a great pleasure to be here in Budapest, at the Hotel Aquincum.I first came to this great city in 1986, as a student at Cambridge University. I remember my visit with great affection: I had spent the previous few weeks in East Berlin and Prague, so arriving in an ever-so-slightly more liberal Budapest was quite a relief.And I remember the strong feelings against Communism, and against Soviet domination in particular. And I am proud of the role Britain has played since in supporting democracy and free markets in Hungary.I was one of the first western European business people to come to Hungary – in 1990 – to do business, and remember well the independent and entrepreneurial spirit of the Hungarian people then, as well.Moving to the present day – before, during and after Brexit, the UK will stand by Hungary.I would like to extend my thanks to our host, the Széll Kálmán Foundation, for the opportunity to speak to you about trade policy in the context of the UK’s exit from the European Union.The UK and Hungary’s bilateral relationshipToday, the UK – Hungary bilateral relationship is stronger than ever. Hungary is a close friend to the UK – culturally, with shared values of trade, science and innovation and defence cooperation. Our bilateral relationship will endure long after we have left the EU.Many Hungarians have come to study and work in the UK since your country joined the EU. My optician is Hungarian. The wife of one of my best friends in Parliament, David Davies MP, is Hungarian. They are just 2 of the 250,000 Hungarians in the UK, who we greatly value. I have heard London could be Hungary’s second biggest city after Budapest! Hungarians have made valuable contributions and we want this to continue.We also want to continue to deepen bilateral ties, and you may know that our embassy recently moved into a bigger building to accommodate a 30% increase in staff here in Budapest.We have strong economic ties. The UK is currently the sixth largest foreign investor in Hungary and indeed Tesco is Hungary’s largest private sector employer, with 20,000 employees, and sources their products from 1,650 Hungarian small and medium sized suppliers.Our economic relationship extends across a wide range of sectors including telecommunications, electrical machinery, pharma and manufactured goods, making Hungary the UK’s third largest export market in Central and Eastern Europe. Hungary’s exports to the UK have almost trebled since 2000.With such close bilateral economic ties, there is no appetite for increased market barriers on either side.I hope that over the next weeks, months and years, we can continue to work closely with our Hungarian friends and allies.The UK’s future economic partnership with the EUWe want an economic partnership with the European Union that delivers the maximum possible benefits for both our economies whilst respecting the integrity of each other’s institutions and autonomy.We start from a unique position – on day one we will have exactly the same rules and regulations. We are looking for a new trading agreement that reflects the reality of this shared starting point.Many of our sectors are closely interconnected. The complexity and integration of supply chains, across the UK and EU, show the importance of ensuring cross-border trade is as free and frictionless as possible.Our future economic partnership should cover both goods and services – they are often intertwined. The fewer the restrictions, the greater the benefit to businesses, consumers and services providers, on both sides. This will not add up to Single Market membership – we are looking for something different. We understand you cannot have all the benefits of membership of the Single Market, without its obligations.Our shared goal should be to find a new balance of rights and obligations that reflect the scale and breadth of our close ties. We will need a common set of standards and principles to underpin our new partnership. This is a requirement for any free trade agreement and our future partnership will be no different. Our proposal is ambitious and creative.It is in both the EU’s and the UK’s interests to maximise shared prosperity and minimise disruption, while respecting the integrity of the Single Market.Overnight, on Brexit day, the UK will become almost the largest external trading partner of the EU, second only to the USA – bigger than China, India or Japan. We will be the largest non-EU partner for Hungary itself.The EU is currently seeking free trade agreements with Mercosur, Australia and New Zealand – it would be absurd not to seek one with the UK.The EU has a variety of different relationships. But none of the present ones would be appropriate for the UK’s future relationship, or in the mutual interests of each side. Joining the EEA would represent too much of a loss of democratic control for the UK, while a Canadian-style deal would offer too low a level of market access.We can do so much better. European interlocutors, including Michel Barnier, have recognised we will need a deal that reflects “the specificalities” of the UK’s relationship with the EU. We are optimistic about the discussions ahead.The Department for International TradeThe particular responsibility of the Department for International Trade is to support UK businesses to export and invest in Europe and other regions of the world, to support them with the finance to do so, and to lead on trade policy – through the EU whilst we are still members, and in setting our future trade policy (my particular role).We are still actively participating in the making of EU trade policy. I represent the UK at EU meetings of trade ministers, the next one being held in Sofia at the start of next week. We are fully supportive of and engaged in the EU’s liberal trade agenda, where particular priorities at the moment are trade agreements with Mexico and Mercosur, and signing the trade agreement with Japan.I participated in the 11th WTO Ministerial Conference in Buenos Aires in December, and my department is now working hard to maintain ambition at the WTO, advancing discussions on digital trade, domestic regulation in services, investment facilitation, and micro, small and medium sized enterprises (MSMEs).The UK’s future independent trade policyMy department has also set out this government’s vision for our future independent trade policy last year. The initial thrust of this policy is to provide continuity for business and consumers.This includes ensuring that UK and EU businesses and consumers can continue to trade freely, as part of a new deep and special partnership. For example, we intend to transition all existing EU free trade agreements, potentially including the EU-Japan Trade Agreement concluded in December. As the UK exits the EU, we will work quickly to establish a new economic partnership between the UK and Japan based on the final terms of the agreement.To ensure continuity, we are preparing the necessary schedules that replicate as far as possible our current tariff obligations. We will join the WTO’s Agreement on Government Procurement (GPA) as an independent member, maintaining current guaranteed access to global procurement opportunities and offering value for money.More broadly, we aim to ensure economic prosperity for our businesses, workers and consumers, who often have ties to the continent, too. We support a fair and proportionate rules-based system, for trade at home and internationally. We will also stand for a trading framework that supports foreign, domestic, sustainability, security, environmental and development goals.Our future independent trade policy will also seek to boost our trade relationships with old friends and new allies. Here, we will seek to increase access for exports, further liberalise the services sector and digital trade, whilst ensuring a high level of protection for consumers, the environment, employees and public services.However, free trade does not mean trade without rules. We also prepare for a trade remedies framework to protect domestic industry against unfair practices or surges.Of course we are developing our future independent trade policy in the context of EU exit. We would not bring into effect arrangements that are not consistent with the terms of an implementation period.In conclusion, before I open the floor for your questions, let me reiterate how important it is to me to listen to your views, concerns and hear about the opportunities you see.As I said, our future independent trade policy puts continuity for business and consumers first. Britain and Hungary are great friends. I hope we can count on your support.last_img read more

Peru Puts Counterterrorism Experience to Use

first_imgBy Dialogo April 01, 2010 The command post of the Peruvian contingent serving with MINUSTAH in Port-au-Prince was destroyed by the January 12, 2010, earthquake. When Diálogo visited the camp in March, the Peruvians were still living and working in tents. The contingent was increased from 216 to 400 men to help with humanitarian aid efforts and patrol duties, especially along the border with the Dominican Republic. “We have three bases on the border,” Lt. Col. Darcy Gómez Fernández, the Commander of MINUSTAH’s Peruvian contingent, explained. “After the earthquake, our mission changed and became focused on convoy escorts and patrols along the entire border,” he said. A major concern, according to the Commander, was a massive prisoner escape from the prisons damaged by the earthquake. Experts from MINUSTAH and U.N. and Haitian police concluded that these prisoners would try to “ee to the Dominican Republic. “Patrols in these border zones are not along a road but in the countryside, on foot. This makes things a bit more complicated and takes a lot out of the personnel. Previously, there weren’t many patrols of this kind, but now there’s been an increase in order to have a presence all along the border. It’s necessary for people to see and observe that the border is being guarded by people from MINUSTAH. This results in more strain on the personnel, more use of vehicles, communications and military equipment. For this reason, the increase in the number of our men here was fundamental,” the Commander said. For him, this experience is very enriching because “we learn from other countries, and on occasion, I imagine that other countries can learn something from how we operate. It’s necessary to keep in mind that we are coming from operating in areas of subversive activity in Peru. We have the problem of terrorism, and the Army is constantly being used in counterterrorism operations. This gives us a great deal of experience in military operations. “We’ve had, in recent years, a good number of casualties in the Peruvian Army as a consequence of terrorism, and this also imposes the requirement that our personnel be constantly trained and gives us a certain amount of experience in counterterrorism operations. Then, in some way, we apply that here,” the Commander concluded.last_img read more

Bellone to Try Again Next Year on Treasurer-Comptroller Merger

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York Suffolk County Executive Steve Bellone is regrouping after New York State’s highest court nixed his referendum this fall.Suffolk County Executive Steve Bellone plans to reintroduce legislation that would allow voters to decide in a referendum whether to merge the elected offices of the county treasurer and comptroller.Bellone and his fellow Democrats that control the county legislature are announcing Thursday in Hauppauge that they will try again to get the referendum on the ballot next year after New York State’s highest court struck down a measure designed to have the public vote on it next month.The state Court of Appeals blocked Bellone’s attempt to have the referendum on the ballots for Election Day on Nov. 5 after Angie Carpenter, the Republican county treasurer running for re-election who lost to Bellone for county exec in 2011, sued to block the proposal.The court ruled that the legislature improperly changed the language of the referendum, which would have created a chief financial officer for the county starting next year, if voters passed the measure.Bellone has said he would make term-limited Republican County Comptroller Steve Sawicki the interim CFO for the first year until elections could be held, which would allow Sawicki to run for the new office.Carpenter has called the plan misguided and said it would eliminate a layer of checks and balances in local government. Bellone maintains that it would save more than $833,000, although critics have disputed that estimate.Across the county line, Former Nassau County Comptroller Howard Weitzman, a Democrat running against Republican Comptroller George Maragos who unseated Weitzman four years ago, proposed Wednesday that, if returned to office, he would merge the comptroller’s office with the treasurer’s office, which is an appointed position in Nassau. Weitzman, too, said the merger would save an estimated $1 million.last_img read more

420 Celebrates Marijuana, But Why? What is 420?

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York Today is April 20th, a cold and rainy Monday morning here in New York.Typically, Mondays are pretty dreary days anyway, marking the end of weekend festivities and a return to your work week.In marijuana smokers’ circles, however, today is a day of special celebration. Across the country and around the globe, devotees of the green, leafy cannabis plant are rejoicing—and smoking—en masse.It is a truly Happy Monday, indeed, for these THC tokers. Forget the weather, their heads are up in the clouds…of smoke.That’s because each year on this exact date, known as “420,” “4-20,” “4/20,” “Four-Twenty” and “4:20,” users’ love for the psychoactive drug takes center stage, with festivals, concerts and countless smoking sessions held to celebrate its existence and mind-altering effects.420 is a universal code term among smokers to express their mutual adoration of the funky weed and partake in its freaky, stoned-out effects, a term that became associated with the plant in the 1970s.Some stoners get “baked”—slang for getting high by smoking marijuana—every day at 4:20 p.m. Others use the term as a catch-all for getting high or scoring some of the wacky stuff, and of course, April 20th, became a sort of stoner’s holiday.A “High Holiday,” for example, which began this past weekend and is continuing throughout Monday in Denver, Colo.—where the statewide recreational use of marijuana was legalized, as well as in the state of Washington, in 2012—has drawn thousands of users and boasts a large “public smokeout” and High Times magazine-sponsored “Cannabis Cup” that awards individual buds and growers, according to a recent article by 7News Denver and other media outlets.The date is referred to as “national Hooray for Hash Day” in a recent article about celebration ideas by the Colorado Springs Independent. A 2010 and 2011 Press story about the day’s meaning—the latter titled “What is 420?”—stated its affectionate “National Pot Smoking Day” billing among marijuana enthusiasts (though also pointing out it is obviously not a recognized national holiday).But why? Why April 20th, of all days and all times?No, it is not Jerry Garcia’s birthday! (That’s August 1st, silly rabbits!)It’s not California Penal Law code for a marijuana bust, either. (A “420” is obstructing entry onto public land, Bob Marley fans!)As for this catch-all term’s origin, citing High Times’ creative director and former editor Steven Hager in a 2009 article, The New York Times states it all began with a few pot-smoking friends.“Mr. Hager said the significance of April 20 dates to a ritual begun in the early 1970s in which a group of northern California teenagers smoked marijuana every day at 4:20 p.m.,” it reads. “Word of the ritual spread and expanded to a yearly event in various places. Soon, marijuana aficionados were using ‘420’ as a code for smoking and using it as a sign-off on fliers for concerts where the drug would be plentiful.”Whatever its genesis, the term has become synonymous with “Mister Baby Leaf-Leaf,” which goes by a long list of slang names across the globe: “Dope,” “Weed,” “Barney,” “Detroit,” “Blifter,” “Freakus,” “Harris,” “Davis,” “Doobie,” “Bongo,” “Jay Tokenstein,” “Lula,” “Old Toby,” “Mary Jane,” “Bobby Brown,” and “Reefer,” among them.Though hailed by some for its medicinal and otherworldly effects, marijuana has been slammed by others as a “Gateway Drug”—which can lead to deadlier, harder drugs—that spews carcinogenic smoke, possesses the physiological and psychological consequences of dry mouth, loss of short-term memory, motor skills impairment and eye irritation, among other problems, and the drug’s detrimental neurological impacts, such as its potential link to schizophrenia. Marijuana use has also been found to increase appetite, a phenomena smokers refer to as “The Munchies.”Read “5 Facts about New York’s New Medical Marijuana Law” HEREMedical marijuana became legal in New York State last year and there has been growing debate about the prospect of the overall legalization the drug and shedding federal restrictions against medical marijuana, but it is still illegal here, and can result in hefty fines and imprisonment for its possession, sale and trafficking.So don’t put that in your pipe in the Empire State.last_img read more

Spring in step of Townsville real estate market

first_imgKeta Roseby and her son Jack Roseby have just put the finishing coat of paint on their house at 2A Gregory St in preparation to put it on the market in the next few weeks.ON the eve of the real estate markets peak season in Australia, Townsville agents are preparing for an influx of stock, with plenty of sellers gearing up to put their homes on the market. REIQ Regional director Damien Keyes said he expected a barrage of properties to hit the market in the next few months. “It’s traditionally the transfer season for Townsville for people in the defence industry and with hospital placements,” Mr Keyes said. READ MORE Transformed pre-war timber cottage takes out House of the Year Keta Roseby and her son Jack Roseby have just put the finishing coat of paint on their house at 2A Gregory St in preparation to put it on the market in the next few weeks.My Keyes said making properties stand out from the competition would be important in the coming months. “The Keyes and Co marketing strategy is definitely focused on making the properties we sell stand out,” Mr Keyes said. “We are the only company in Townsville that uses Matterport 3D Virtual Tour which is a great tool for marketing properties to out of town buyers. “At this time of year it’s very advantageous especially when you’re competing with more properties.”REIQ Townsville Zone Chairman Wayne Nicholson said he believed the market would continue in a positive direction in the next few months but that it had nothing to do with ‘Spring.’“We have been experiencing great inquiry rates across the board since the election and I’m expecting that will continue in the coming months,” Mr Nicholson said. “Townsville doesn’t have Spring and is pretty much the same year-round but there is definitely positive talk in the real estate market now and six months ago there wasn’t.” Reno transformation you have to see to believe READ MORE Damien Keyes, Keyes & CO Property. Picture: Shae Beplate.“A lot of homes do tend to come up for sale in these months and we are already seeing that happen at the moment. “Given the volume of properties I’ve been through as an agent this month I’m expecting there will be quite a lot hitting the market in September.”More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 2020Keta Roseby is gearing up to put her house at 2A Gregory St in North Ward on the market in the first few weeks of September. “It will be on the market in about two weeks and we’ve just given it a full refresh so it’s ready for a new family to move in before Christmas,” Ms Roseby said. “It’s been complelty repainted internally and it’s had new carpets put in and various tradesman come through to check everything is in order.“Some of the external has been repainted as well.”last_img read more

One More VLCC Newbuild Joins Bahri

first_imgNational Shipping Company of Saudi Arabia (Bahri) has taken delivery of Shaden, a very large crude carrier (VLCC), from South Korean Hyundai Samho Heavy Industries (HSHI) shipyard. The 300,000 dwt ship is the fifth VLCC to join the Bahri fleet this year, following the deliveries of Amjad, Maharah, Aslaf and Rimthan.Flying the flag of Saudi Arabia, Shaden features a length of 330 meters and a width of 60 meters.Currently, the newbuilding has a market value of USD 81.39 million, according to data provided by VesselsValue.The newly received vessel is one of the five VLCCs financed by Riyad Bank, Bahri said.The commercial operation of Shaden is expected to begin in December 2017.Bahri’s fleet currently comprises 88 vessels including 41 VLCCs, 36 chemical/product tankers, six multipurpose vessels and five dry bulk carriers. In addition, the company has five VLCCs on order.The delivery of Shaden comes only days after Bahri released its financial results for the third quarter of this year which show that the company’s profit for the period dropped by 80.8 percent to SAR 60.5 million from SAR 315.3 million seen in the same quarter a year earlier.last_img read more

Japan withdraws support of controversial HPV vaccine over safety concerns

first_imgLifeSiteNews 16 October 2013While jurisdictions throughout the Western world continue to promote the HPV vaccine, the Japanese government has pulled its support of the controversial drug and sent formal notifications to local health officials saying that it should not be administered until safety concerns are investigated.The vaccines in question, Gardasil and Cervarix, are meant to combat Human Papilloma Virus (HPV), thought to be the most common sexually transmitted infection in the world. HPV is known to cause multiple types of cancers, including cervical, anal, penile, and throat cancer.The vaccines do not prevent cancer cells from forming in the body but purport to prevent the four most common strains of HPV, out of an estimated 150 strains.Japan acted on a report by Japanese internist and cardiologist, Dr. Sataro Sato, who revealed that since the vaccine was introduced in 2010, almost 2,000 adverse events were reported to the country’s Vaccine Adverse Reactions Review Committee, including 358 cases that were evaluated as serious.Dr. Sato wrote that the manufacturers of Gardasil and Cervarix state in their own documentation that their vaccines may cause seizures and/or brain damage. read more