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Islandsbanki mandated for sale of up to 100% shares in Iceland Drilling

Islandsbanki mandated for sale of up to 100% shares in Iceland Drilling Drilling rig by Iceland Drilling on site in Iceland (source: Iceland Drilling)
Alexander Richter 17 Aug 2011

Icelandic geothermal drilling specialist Iceland Drilling (Jarðboranir) is for sale and the owner has mandated Islandsbanki with the sale of up to 100% of the share capital in the company.

In a release last week, Icelandic Íslandsbanki announces that its Corporate Finance team has been mandated to manage a formal process for the sale of up to 100% of the share capital in Jardboranir hf. (Iceland Drilling Ltd.), a leading company within high temperature geothermal drilling. The mandate was given by Midengi ehf., the owner of Jardboranir)

“The sales process is open to every investor that can be defined following the Icelandic Act on the Securities Transactions No. 108/ 2007, as well as investors with sufficient knowledge and experience with an investment capacity exceeding ISK 500 million. The seller reserves the right to limit the access to the sales process, e.g. when legal limitations prevent the investor from owning a controlling stake in the company due to competition rules.

Interested investors can contact Islandsbanki’s Corporate Finance team by phone or email under [email protected]

Interested investors will need to sign a non-disclosure agreement and provide information that confirms the fulfilment of the above conditions. Investors will subsequently receive further information regarding the sales process, timeline and operations of the company.”

Iceland Drilling announced earlier this summer the signing of 2 year contract with Mighty River Power in New Zealand and has shipped one of its flagship drilling rigs from Iceland to New Zealand. The company is also active in Germany through its subsidiary Hekla Energy, has signed drilling contracts in Dominica and more is expected in the near future.

Source: Islandsbanki announcement by e-mail.