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A Norwegian-based Rigging Company, Prospector Offshore Drilling Could lose Nkr50 million in the Cyprus bank

Tuesday, 26 March 2013
A subsidiary of the Rigging Company, Prospector Offshore Drilling has large a deposits of Laiki Bank in Cyprus which is being threaten to loose a chunk of that as a result of the new EU rule that saved the country's banks.
A subsidiary of rig company operating in Norway, Prospector Offshore Drilling now has about 8.1 million dollars in deposits with Cyprus Popular Bank (Laiki Bank), according to a statement on Tuesday.
"It is uncertain whether the company will be able to get back the full amount to the account at the Laiki Bank," it says.

The company continues that the amount was deposited temporarily as part of a reorganization of the Company cash disbursement system for the shipyard projects in China. These measures were scheduled to be completed in the first quarter of 2013.

Although the EU and Cyprus have not disclosed any details in this regard at this time, because of the above-referenced agreement, it is uncertain whether the Company will be able to recover the full amount on deposit at Laiki Bank. Although the Company’s potential loss at this time is unknown, the Company expects to take a provision to write-off a portion of its deposit at Laiki Bank.

According to the deal that led to the solution for the Cypriot banks to be saved, customers with deposits of less than €100,000 will not loose their money transferred into the Bank of Cyprus (BOC).

Lead Norwegian celebrity investors such as Bjarne Skeie and Øystein Stray are among the largest shareholders, who are in danger of losing around Nkr50 million in the Cyprus bank crisis.

Prospect has a listing of 36,000,000 New Shares on Oslo Axess issued through a Private Placement at a Subscription Price of NOK 9.50 per New Share.
by Scancomark.com Team

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