Drilling Business definition

Drilling Business means (i) the drilling for oil, gas or other hydrocarbons, whether offshore or onshore, and whether as an agent or principal, and (ii) any business relating to or arising from drilling for oil, gas or other hydrocarbons, including, without limitation, the rental of drill pipe, tools or other equipment.
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Drilling Business means the business of owning, leasing, managing or operating drilling rigs, which drilling rigs and associated crews are contracted or hired by third parties for the purpose of drilling oil and gas ▇▇▇▇▇. For purposes of determining if a Change of Control of the Company has occurred, any person owning less than 10% of the voting securities or other equity interests in the Company shall be excluded from the analysis under the preceding subclause (i) of this Section 4.7.
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Drilling Business means the land drilling business undertaken by the Sale Group and activities as are reasonably incidental to the business undertaken by the Sale Group such as the provision of accommodation, catering and transport services;
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Examples of Drilling Business in a sentence

  • During the Review Period, on a daily basis, Seller shall provide Purchaser, via telefax, with the daily drilling reports pertaining to the operation of the Drilling Business.

  • Seller shall conduct Seller’s Drilling Business only in the ordinary and usual course, consistent with past practices.

  • Seller shall pay when due, its obligations relating to the Drilling Business, including its obligations to employees, suppliers and contractors.

  • In addition, as situations occur, Seller shall promptly notify Purchaser in writing with respect to any material damage to the Assets or any material adverse change in the Drilling Business or any Drilling Contract (or any facts or circumstances that could result in material adverse damage to Seller’s Drilling Business or any Drilling Contract).

  • Seller shall pay, when due, all obligations (including obligations to suppliers, employees and contractors) relating to the Drilling Business conducted by it prior to Closing as well as all obligations relating to its performance of any drilling contract pursuant to the terms of this Agreement.

  • All taxes owed by Seller or relating to the Drilling Business, the Assets or the Real Property have been paid, and Seller has filed all federal, state and other tax returns and reports required to be filed.

  • The "Estimated Adjustment" shall be an amount equal to the difference between $161,901,000 and the estimated Net Assets (as defined in Section 1(f)(1)) as of the Closing Date based on the latest available balance sheet ("Pre-Closing Balance Sheet") for the Contract Drilling Business (as defined below) prepared in accordance with GAAP and on the same basis as the Most Recent Balance Sheet (as defined in Section 2(e)(3)).

  • The lists of contracts and agreements identified on Schedules 1(c), (d) and (e) are complete and accurate lists of all contracts and agreements between Seller and any other person related to the Seller’s Drilling Business.

  • As used herein, the term "Drilling Business" shall mean the business of owning, leasing, managing or operating drilling rigs, which drilling rigs and associated crews are contracted or hired by third parties for the purpose of drilling oil and gas ▇▇▇▇▇.

  • Except as set forth on Schedule 2(f), since June 30, 1996 there has not been any change in the conduct of the ongoing business operations of the Contract Drilling Business that would, individually or in the aggregate, have a Material Adverse Effect (other than those changes affecting the oil and gas industry or the drilling and workover segment thereof in general).


More Definitions of Drilling Business

Drilling Business means the drilling services provided by the Seller, including assets related to such services but only to the extent such assets are solely used to provide such services.
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Related to Drilling Business

  • Doing business means engaging in any activity, whether legal or illegal, that is conducted

  • Remaining Business means all IAC Businesses other than the Spun Businesses.

  • Competing Business means the business of (a) developing, implementing, marketing and/or selling any Company Products or Competing Products or (b) developing, providing, performing, marketing or selling any Competing Services.

  • Active business operations means all business operations that are not inactive business operations.

  • banking business means the business of accepting deposits withdrawable or repayable on demand or after a fixed period or after notice and the employment of those deposits, in whole or in part, by lending or any other means for the account and at the risk of the person accepting the deposits;