A British court has dismissed the attempt of Amoco UK Exploration Co. (now an affiliate of BP PLC) to terminate its contract for Rowan Cos. Inc.'s Gorilla V jack up to work on Arbroath field in the central North Sea. The court ordered Amoco to pay rates, damages, and interest of $85 million. The company has until Dec. 14 to appeal. Rowan is suing BP -- and coventurers in the Arbroath project Amerada Hess Corp. and Enterprise Oil PLC -- in Houston, alleging wrongful termination.
Weatherford International Inc., Houston, has closed a private placement of $350 million of its 6 5/8% senior notes due 2011. The net proceeds will be used to repay existing indebtedness and for general corporate purposes.
Ramoil Management Ltd. has cancelled 9 million shares in preparation for a proposed mediation offer and settlement with Russian oil company Lukoil.
Boundary Creek Resources Ltd., Calgary, plans to issue 1,010 units of subordinated debentures for gross proceeds of $1,010,000 (Can.). The proceeds from the issue will be used to retire the existing $626,000 subordinated debenture and to fund ongoing exploration and development activities.
Burlington Resources Inc. will extend its takeover offer for Canadian Hunter Exploration Ltd. to Dec. 3 because the Investment Canada Agency will not be able to complete its review of Burlington's application before the former expiration date of Nov. 20.
TEPPCO Partners LP is offering 5.5 million units representing limited partner interests at $34.25/unit. Net proceeds will be used to reduce $160 million of a term loan incurred in connection with the acquisition of Jonah Gas Gathering Co., with the balance to be used to repay debt outstanding under a revolving credit facility.