CH Offshore

[hongonn]

Thanks for the confirmation.

It almost pay out 70% of its cash reserves. Quite desperate of them can't wait to squeeze it dry.

[cyclone]

Congratulation to CH Offshore shareholders.
Not vested.

SETTLEMENT OF CLAIM AGAINST PDV MARINA S.A. AND ASTILLEROS DE VENEZUELA C.A.

The Board of Directors of FALCON ENERGY GROUP LIMITED (the "Company", together with its subsidiaries, collectively referred to as the "Group") refers to the Company’s subsidiary, CH Offshore Ltd’s (“CHO”) legal proceedings in London against PDV Marina S.A. (“PDV Marina”)
and Astilleros De Venezuela C.A. ("Astivenca") for a claim relating to outstanding charterhire in respect of the charter of the vessels the "Amethyst" and the "Turquoise" (the "Claim") and wishes to announce that CHO and PDV Marina have reached a settlement in respect of the Claim.
PDV Marina has made payment of US$60 million to CHO in full and final settlement of the Claim without admission of liability.
CHO has assigned to PDV Marina any claims it may have related to the Claim against Astivenca.

[hongonn]

US$60m translate to about S$0.115 per share. I not sure Peh has factored in this before taking up the S$0.55 offer. Or maybe he didn't see this coming at all.

This money more than enough to top up the S$0.09 dividend that the company just distributed. Back to square 1.

[cyclone]

Trading Halt : Pending for the release of an announcement.

Both Falcon Energy Group and CH Offshore request for trading halt.

[opmi]

the Falcon Energy ED resigned from CH Offshore recently..

[Jacmar]

Very likely a merger of the 2 companies to save on listing cost.

[slowandsteady]

http://infopub.sgx.com/FileOpen/CHO_Annt...eID=446945

$19,999,999.50 for 153,846,150 shares, or 13 cents per share.

http://infopub.sgx.com/FileOpen/FEG_Annt...eID=446939

"Rationale for the Disposal:

The disposal of the Sale Shares is to meet the Group's pressing obligation to repay the CIMB term loan installment which is due..."

This has to be one of the most frank explanations ever, wow. I would be worried if I was a supplier to FEG or CHO, and have credit extended.

The rest of the CHO shares are still pledged by the way.

[opmi]

This confirm that Falcon Energy mgt are lousy asset allocators. Buy high sell low.

[d.o.g.]

This appears to be a massive distress sale and a very loud wake-up call to investors that despite the recovery in oil prices, there is still no improvement in margins for the service providers.

Still, it is quite a shock given that the last traded price was 27.5 cents. Some discount would be expected given the size of the block and the low trading liquidity, but 50% is pretty steep.

[cfa]

Just wonder how market will react to this announcement net Monday ?