Tuscany International units ink agreement tied to $29 million rig sale

By Caroline Salls

Pittsburgh, April 11 - Tuscany International Drilling Inc. wholly owned subsidiaries Tuscany Rig Leasing SA and Tuscany Perfuracoes Brasil Ltda. entered a definitive agreement in connection with the sale of two heli-portable drilling rigs located in Brazil for $29 million, according to a company news release.

The sale also includes all related equipment owned or used by Tuscany in connection with the rigs.

The company said $6 million of the purchase price has been deposited into escrow.

The proceeds from the completion of the transaction will be used by Tuscany to reduce its secured credit facility debt.

The sale, which is subject to customary closing conditions, is expected to be completed in mid-May.

Tuscany, a Calgary, Alta.-based oilfield services provider, filed bankruptcy on Feb. 2 in the U.S. Bankruptcy Court for the District of Delaware. The Chapter 11 case number is 14-10193.

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