2nd Jan 2020 13:52
(Alliance News) - Star Phoenix Group Ltd on Thursday said it has cancelled the sale of four drilling rigs and related equipment to Wilson Energy Services Inc.
Star Phoenix is an oilfield services firm formerly known as Range Resources. It had previously extended the sale until last Monday and prior to that to December 10.
Wilson Energy carried out the final inspection of the rigs in mid-November and was expected to make a payment of USD3.6 million to Star Phoenix.
As a result of Wilson Energy's failure to pay the agreed-upon amount, Star Phoenix has terminated the transaction and commenced a new sale process for the rigs and equipment, it said.
Shares in Star Phoenix were trading 6.3% lower at 1.88 pence per share on Thursday afternoon in London.
By Ife Taiwo; [email protected]
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