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Rex International to take over company guarantee for group's 90%-owned subsidiary
Oil services player Rex International has formally submitted documentation to take over the company guarantee from its wholly-owned entity Rex International Investments for the group’s 90 per cent-owned subsidiary Lime Petroleum AS (LPA).
The company guarantee, an undertaking of financial liability as surety, is required under Norwegian law and relates to LPA’s operations, concerning exploration for and exploitation of sub-sea natural resources, including storage and transportation by any means other than ship, on the Norwegian Continental Shelf.
As of the date of this announcement, the company does not expect this undertaking to have any significant impact on its financial statements for the financial year 2019.