Loyz Energy buys two drilling rigs
Loyz Energy penned an agreement to buy two drilling units from JT Oil Consultancy for about $26m, Seatrade Asia online reports. Singapore-listed Loyz Energy said the rigs will allow the company to participate in the exploration and development of certain oil and gas leases.
The completion of the sale and purchase transaction is expected by 5 February 2013, following which the rigs will be delivered to Loyz Energy. The purchase price will be funded by a combination of bank financing and internal resources of Loyz Energy.