Oro Negro Drilling bondholders instruct trustee to transfer shares

By Caroline Salls

Pittsburgh, Oct. 5 – The trustee for Oro Negro Drilling Pte. Ltd.’s 7˝% senior secured bond issue 2014/2019 said an informal group of bondholders and other individual bondholders instructed the trustee to exercise its rights to transfer the shares of Oro Negro Drilling to a newly formed Singapore holding company.

According to a notice released Thursday by trustee Nordic Trustee ASA, Oro Negro Drilling’s shares are now indirectly under the control of the bond trustee.

The trustee said the bondholder group continues to support the ongoing operation of the company’s rigs under the terms of the latest proposal made by Petroleos Mexicanos concerning amendments to the drilling contracts for the Primus, Laurus, Fortius, Decus and Impetus rigs.

The bondholder group and the other bondholders who directed the trustee to transfer the shares collectively represent 53% of the principal amount of the bonds, according to the notice.

Oro Negro is an oil and gas services company based in Alvaro Obregon, Mexico.

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