Caspian sunrise acquires the shallow water drilling vessel Caspian Explorer

The Board of Caspian Sunrise introduced the proposed acquisition of the Caspian Explorer, a drilling vessel succesful drilling exploration wells to depths of as much as 6,000 meters in extraordinarily shallow water, for a consideration of $25 million.

As the bulk proprietor of the Caspian Explorer is a member of the Oraziman household the Acquisition is a associated get together transaction.

As a results of the Acquisition the Oraziman’s household’s curiosity within the Company would improve from 42.9% to 44.2%.

The Caspian Explorer is a drilling vessel designed to function within the excessive shallow waters of the Northern Caspian Sea.

The Caspian Explorer was conceived of by a consortium of main Korean firms together with KNOC, Samsung and Daewoo Shipbuilding. The vessel was assembled within the Ersay shipyard in Kazakhstan between 2010 and 2011 for a development value believed to be roughly $170 million. The whole prices after fit-out are believed to have been roughly $200 million.

The Caspian Explorer turned operational in 2012 at a time of comparatively low oil costs and diminished exploration exercise within the Northern Caspian Sea.

In 2017, the Korean consortium determined to promote the Caspian Explorer by the use of a aggressive tender with the client being KC Caspian Explorer LLP.

Caspian Sunrise PLC is a Central Asian oil and gasoline exploration and manufacturing firm based mostly in UK, with a give attention to Kazakhstan.