History

Year

Month

History

2016

Juni Change of name: The general meeting June 16 2016 adopted the resolution to change the name from Global Rig Company AS to NorAm Drilling Company AS, to underpin NorAm Drilling as the leading name for the group.
2015 November The order for 3 additional rigs was cancelled due to low oil price and weak rig market.
2014

November/December

In November and December 2014 three Global Ideal 1800 rigs with walking system were delivered. All the three rigs started on 18 months contract from day one.
November Extraordinary General Meeting of 5 November decided to transform the Company from a public limited liability company (ASA) into a private limited liability company (AS). The shares in the company are freely transferable. New board member elected.
October 30 October CEO of Global Rig Company ASA and NorAm Drilling Company, H.E.”Mac”McInnis dies. CFO Dale Wilhelm and Operation Manager Thomas Taylor will share Mac’s duties and responsibilities in management of the Company.

Extraordinary General Meeting of 6 October decides a total equity raise of MUSD 20, which will enable the Group along with some additional funding to complete the acquisition of 3 additional rigs to be delivered within Mid-2015.

September Rig 30 delivered and entered an 18 months contract. It’s a Global Ideal 1800 rig which replaces Rig 24 that was lost in a well control incident in March,
June A new bond of MUSD 120 was issued to repay the remainder (MUSD 44) of the previous bond loan and to finance the acquisition of 3 new Global Ideal 1800 HP rigs with Walking System.

March 17 March Rig 24, a Global Ideal 1800 HP rig, was involved in a well control incident that resulted in a fire on the Rig. No personnel were hurt. The rig was declared a total constructive loss, and the replacement will be fully covered by the insurance. (Replacement rig delivered in September 2014)
2011 October Bond issue (USD 60 mill) listed at Oslo Stock Exchange.
June – August Delivery of the new Global Ideal 1800 HP Rigs. All three immediately mobilized on contracts, which mean the Groups six rigs are all on contract with major E & P Company.
June Converting of the remaining (USD 18, 8 mill) of the shareholder loan for shares.

Bond issue of USD 60 mill.

April Sale of the 3 Super Singles rigs for USD 21 mill total. USD 19 of preceeds used to repay shareholder loan.

Signed purchase contracts for 3 new Global Ideal 1800 HP rigs.

2010 October Sharholder loan increased to USD 31 mill and extended 6 months.
September Delivery of the third SuperTech Rig, Rig 23), mobilized on a 12 month contract.
August Electrical rig sold for USD 7 mill.
July New short term shareholder loan of USD 6 mill granted.

Delivery of the second SuperTech Rig, (Rig 22), mobilized on a 12 month contract.

May Delivery of the first SuperTech Rig (Rig 21), mobilized immediately on 12 months contract.
January Delivery of Rig #4 (electrical rig). Marketed for sale.
2009 October USD 25 mill shareholder loan extended to Oct 2010.
2008 October USD 25 mill one year shareholder loan.
August Settlement of bonds. Group 100% equity financed.
July NOK 331.2 mill (USD 64 mill) gross equity funding through private placement.

4 new rigs ordered: 1 electric 1000 HP rig, 3 SuperTech 1500 HP.

February Rig #3 generating income.
January Rig #2 generating income.
2007 December Rig #2 and #3 (Super Singles) delivered.
August Rig #1 (Super Single) delivered, in US operation by Sep 2007.
July NOK 120 mill gross funding in bonds (USD 20 mill), 1 680 000 warrants issued.
June Name of company changed to Global Rig Company ASA. Ticker changed to GRIC.
May NOK 115 mill (USD 19 mill) gross equity funding through share issue, purchase of 3 SuperSingle® rigs. Listed on NOTC as ticker TERI.
February Terra Rig Company ASA founded. Head office: Bergen, Norway.