Turbo Alpha Ltd.

Transaction Type
Sellers
Marketers
Post Date
Estimated Price
MM
Description

Turbo Alpha Ltd. has retained Morgan Stanley & Co. International Plc and Lexicon Partners Ltd. to seek the possible sale its Aberdeen-based drilling and engineering contractor KCA Deutag.

KCA Deutag operates a fleet of mobile offshore drilling units, and is also a rig-design engineering and building specialist with activities ranging from new-build drilling facilities, rig reactivation and modification and conceptual engineering, to consultancy and technical integrity assurance.

KCA Deutag recently executed an agreement with its senior lenders to defer covenant tests from Nov. 14, 2010, to March 31, 2011. This agreement provides the stability and funding to allow KCA Deutag to implement its business plan and pursue discussions with its existing stakeholders and new financial and strategic investors to ensure a solution to its capital structure on a long-term basis.