Temasek-backed rig operator amends bond covenants again

Singapore

INTEGRADORA de Servicios Petroleros Oro Negro, a Mexican oil-rig operator partly owned by Singapore's Temasek Holdings Pte, is again amending bond covenants as it struggles to win new contracts.

Noteholders agreed at a meeting on Tuesday on changes to the company's US$175 million of securities that come due in December, for a second time this year. Oro Negro failed to revalue its newest rig by an Aug 31 deadline as it tries to lease the asset to state-owned Petroleos Mexicanos by year-end, according to a statement.