November 20, 2013
Cross-border Willkie team represents France-based oil & gas company Maurel & Prom in acquisition of 100% of the Caroil shares owned by Tuscany International Drilling Inc.
On November 14, Willkie client Maurel & Prom, a France-based oil & gas company, announced it has agreed to acquire from Tuscany International Drilling Inc. the African drilling activities of Caroil, which was previously a subsidiary of Maurel & Prom. The deal stems from Tuscany’s refocus on its South American endeavors. The project, which is expected to involve co-investors, calls for the transfer to Tuscany of all Tuscany shares (109 million) held by Maurel & Prom, representing 29.05% of the outstanding shares of Tuscany. Maurel & Prom will receive, among other things, 100% of the Caroil shares owned by Tuscany and assume $50 million in bank debt (part of Tuscany’s syndicated credit organized by Crédit Suisse). Upon completion of the transaction, Caroil, which will be a wholly owned subsidiary of Moral & Prom, will own or manage 11 drilling or workover rigs.
Listed on the Paris market, Maurel & Prom has significant experience as an oil operator with a presence in Africa and Latin America. Over the past 10 years, the group has designed oil systems, drilled more than 100 exploration wells with a success rate of more than 46%, and discovered major fields. The company currently operates in 10 countries on four continents.
The deal was handled by Latin American counsel Maria-Leticia Ossa-Dazza, partner Jeffrey Goldfarb, National partner Paul Lombard and special European counsel Philippe Grude.
