Request for Expression of Interest/Pre-Qualification for the Acquisition of Mobile Offshore Drilling Rigs of Seawolf Oilfield Services Limited (in Receivership)
For Sale
Request for Expression of Interest/Pre-Qualification for the Acquisition of Mobile Offshore Drilling Rigs of Seawolf Oilfield Services Limited (in Receivership)
(1) Background
Mr. Michael Igbokwe, SAN, FCIARB, was appointed by Asset Management Corporation of Nigeria (“AMCON”) as the Receiver/Manager of Seawolf Oilfield Services Limited (“SEAWOLF”) over the assets of SEAWOLF and its related companies assets and undertakings pledged as eligible bank asset acquired by AMCON from First Bank of Nigeria Plc under the powers contained in Section 48 of AMCON Act 2010 and the relevant debenture duly registered at the Corporate Affairs Commission Abuja.
In pursuance of the afore said appointment the Receiver/Manager now wishes to sell the three Mobile Drilling Rigs of SEAWOLF and its related companies and the associated stock of spare parts in a transparent and open bid process.
(2) Description of Mobile Offshore Drilling RIGS
There are three mobile offshore drilling rigs for sale namely: (i). Onome (ii) Orisetimeyin (iii) Delta Queen Onome and Oritsetimeyin are currently warm stacked in Lagos.
Delta Queen is cold stacked in Calabar.
Oritsemeyin
The rig is a Friede & Goldman self-elevating offshore drilling unit (MODU), specifically a cantilever Jack-up rig. The rig was manufactured by U.S. Co. Ltd. Inc. The drilling unit was built in Sharjah, UAE and completed on 31 January 2008. The rig was designed to operate in 300ft water depth to a rated drilling depth of 30,000 feet. The cantilever provides a drilling envelope of 50ft extended and 15ft on either side of the center line. This enables the rig to access multiple wells on a platform without moving.
ONOME
The rig is also a Friede and Goldman self- elevating cantilever Jack up rig built in Sharjah, UAE. The rig was designed by Bake Marine Services and is of the type BMC-H. The rig construction was completed in 2009. All the equipment came from manufacturers that are well known and respected in the oil industry. The rig was designed to operate in 300ft water depth to a rated drilling depth of 30,000 feet.
Delta Queen
Delta Queen was constructed and built by GotaverkenArendal AB, Gothenburg Sweden and designed by Friede and Goldman. The rugged design L-780 A class permits operating in 300ft of water depth to a rated drilling depth of 20,000 ft. The cantilever provides a drilling envelope of 40ft extended and 10ft either side of the center line, thus enabling the Rig to access multiple wells on a platform without having to move. The rig was first put in operation in 2010.
(3) Transaction Timetable
The transaction is expected to be completed in about 6 months from the date of the publication of the request for Expression of Interest (EOI). Submission in respect of the EOI will close on 5th of June 2015 and the evaluation carried out on the 8m of June 2015. The Request for Proposal and Information Memorandum pack will be dispatched on 9th of June, 2015.
The Rigs inspection/due diligence will take place between 16th June and 7th July, 2015.
Financial closure and payment deadline is 30th of October 2015. The Request for Proposal (RFP) will contain the detailed transaction timetable.
Mode of Application and Requirements:
Contents of Application:
Interested buyers of each or all of the rigs or any combination thereof, should write to the Receiver/Manager for pre-qualification on or before 5th June, 2015 enclosing the following verifiable documents.
(a) Profile of the Applicant detailing; name of company, the shareholders and ownership structure. The contact persons, office and contact address including telephone and e-mails addresses.
(b) Applicants technical, operating and financial capability, including the number of years of operations in oil drilling business in Nigeria and or elsewhere.
(c) Composition and profile of the management team, showing qualifications and posts held to date, years of experience in oil drilling business.
(d) Audited Financial Statements for the last 2 years and most recent management accounts.
(e) Evidence of good financial standing including details of bankers.
(f) Agreement(s) showing evidence of Alliance/Technical Partnerships for the purpose of the acquisition if applicable.
(g) A description of the applicants vision, mission and strategy for the oil drilling rig(s).
(5) Qualification Criteria:
To be considered for the shortlist, bidders must:
(i) Score a minimum of 70 percent for the requirements described above, and
(ii) Provide proper evidence of financial good standing.
(6) Packages for Pre-Qualification
The EOI may be for all, any or a Combination of the following:
(a) Onome (b) The Delta Queen (c) The Orisetimeyin
(d) The Stock of Spares available for the rigs in the general warehouses.
(7) Procedure for the Submission of EOI
The EOI must be submitted in a sealed envelope with one original and 5 copies, duly signed by the authorized representative of the applicant and delivered to the Receiver/Manager at the address stated below not later than 5th June 2015.
(8) Evaluation of EOI
(i) All EOI’s received will be evaluated for pre-qualification purposes by an Evaluation Committee set up for the purpose.
(ii) An EOI must comply with all government statutory requirements and financial regulations to be eligible for evaluation.
(iii) Evaluation will be based on assessment of applicant’s profile and financial capabilities.
(iv) Only pre-qualified candidates will be issued with Request for Proposal for submission of Technical and detailed Financial Proposal.
(v) This pre-qualification exercise is not an offer and does not constitute a contract with an applicant. It will only be the basis for making a shortlist of bidders.
(vi) All submissions shall be at the cost of the applicants.
(9) Notification of Results
Pre-qualified applicants will be informed in writing of their pre-qualification not later than 9th June 2015. Communication will only be made to successful applicants and no enquiry will be entertained from unsuccessful applicants.
(10) Communication:
All Enquiries and Expression of Interest and Applications Clearly Marked “Seawolf Rigs” Should be Addressed to:
MR M. I. IGBOKWE SAN
The Receiver Manager,
Seawolf Oilfield Services Limited-in-Receivership
C/O Mike Igbokwe (SAN) & Co.
28A, Mainland Way Dolphin Estate Ikoyi – Lagos.
+23414620907, +23414620917
Issued By:
BABINGTON ASHAYE & CO.
(Chartered Accountants)
Financial Advisers to the Receiver/Manager
Seawolf Oilfield Services Limited in Receivership
