Star Phoenix to begin new sale process for drilling rigs

Star Phoenix said on Thursday that it had begun a new sale process for four drilling rigs and related equipment after terminating talks with a potential buyer.

The company, which has oil and gas projects and oilfield service businesses in Trinidad and Indonesia, had said in December that discussions with the buyer were ongoing. However, as the potential buyer failed to provide the group with the agreed cash consideration for the sale, it has decided to terminate the transaction and kick off a new sale process.

"Further updates will be provided as and when appropriate," it said.