Ability Drilling is today sending its creditors notice of temporarily
suspension of payments, lasting to 13.06.2009. The notice is
following the situation occurred as a consequence of delayed rig
deliveries from supplier TTS, and an escalated conflict level between
Ability Drilling and TTS. The company takes this step to secure
equality between the company's creditors.
In the notice to the creditors, the management expresses a
preliminary evaluation of the values in the company, concluding that
there are enough assets to cover all legitimate claims from
creditors, including long term debt.
However, short term it will be necessary to dispose assets not
included in a future business plan, to secure a payment plan to the
benefit of all creditors.
The company will inform on further plans when appropriate.
Contact person:
Hans Petter Eikeland, tlf. +47 932 08 177
Kenneth Tunes, tlf. 47 915 44 901
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