HYPERDYNAMICS CORPORATION (NASDAQ:HDYN) Files An 8-K Other Events
Item 8.01 Other Events.
On December28, 2016, SCS Corporation Limited, a wholly owned
subsidiary of Hyperdynamics Corporation (Hyperdynamics, the
Company, we, and us), has signed a Letter of Award and entered
into a Master Service Agreement (the MSA) with Schlumberger
Oilfield Eastern Limited (Schlumberger), a wholly-owned
subsidiary of Schlumberger N.V., the worlds leading provider of
oilfield services and equipment to the upstream industry.
Within the framework of the MSA, Schlumberger will provide
essential drilling services for the Companys deepwater
exploration well offshore the Republic of Guinea, which is
planned for the second quarter of 2017. Specifically, to the
Letter of Award, Schlumberger will be the primary provider of the
drilling services pertaining to the Fatala-1 well, including such
services as wireline logging, measurement- and
logging-while-drilling and other similar downhole drilling,
drilling fluids and solids control, downhole cementing,
mudlogging, drilling bits and reamers, and contingency fishing.
The MSA sets forth the general terms and conditions, which are
applicable to all services provided by Schlumberger, the
specifics of which are handled under subsequent work orders. The
term of the MSA is for a period of two years from the effective
date, terminable for cause by either party with a 30-day prior
written notice. The MSA contains standard terms and conditions
for transactions of this type, including insurance requirements
and confidentiality obligations, and allocates certain
operational risks through indemnity provisions. The value of the
MSA for the Fatala-1 well is estimated to be approximately $4.5
million.
The MSA, coupled with the Companys definitive drilling services
agreement entered into with Pacific Drilling Operations Limited,
a subsidiary of Pacific Drilling SA, on November30, 2016,
engaging its modern deepwater drillship, ensures that the Company
has the critical equipment and most of drilling services
contracts in place necessary to begin drilling the Fatala-1
deepwater exploration well in the second quarter of 2017.
The Press Release regarding the above matters is filed as
Exhibit99.1 to this report.
Item 9.01 Financial Statements and
Exhibits.
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ExhibitNo. |
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Description |
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99.1 |
Press Release, dated January3, 2017. |