Oro Negro: Court issues more injunctions against rig lease termination

By Caroline Salls

Pittsburgh, Oct. 19 – Oro Negro Drilling Pte. Ltd. said the court presiding over the concurso mercantil proceedings of affiliate Perforadora Oro Negro, S de RL de CV issued injunctions related to the termination of rig leases.

According to an Oro Negro news release, Pemex Perforación y Servicios, a subsidiary of Petróleos Mexicanos (PPS), delivered to Perforadora Oro Negro letters that asserted an early termination of the lease agreements related to the jack-up drilling rigs named Primus, Laurus, Fortius and Decus an immediate termination of the lease agreement corresponding to the Impetus jack-up drilling rig.

Oro Negro said the alleged directors of rig owners Oro Negro Impetus Pte. Ltd., Oro Negro Primus Pte. Ltd., Oro Negro Laurus Pte. Ltd., Oro Negro Fortius Pte. Ltd. and Oro Negro Decus Pte. Ltd. notified Perforadora of the termination of the bareboat charter agreements that allowed Perforadora to enter into the lease agreements.

The court orders state that Petróleos Mexicanos, Pemex Exploración y Producción (PEP) and PPS must refrain from carrying out the termination of the lease agreements to allow continued operation under those agreements and that 7½% bond trustee Nordic Trustee ASA must refrain from executing the termination of the rig bareboat charter agreements.

Oro Negro said the court granted the additional injunctions to safeguard the operability and functionality of Perforadora.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.