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Sevan signs mandate for the financing of two deepwater drilling units


Published Oct 31, 2008
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Sevan secures six additional options with COSCO

Sevan Drilling ASA, a wholly-owned subsidiary of Sevan Marine ASA, has signed a mandate letter with two leading financial institutions to arrange construction financing of up to USD 1 billion (or 70% of construction cost) that converts into a six-year amortizing term loan following delivery of two deepwater drilling units.

The debt facility is intended to part-finance the construction of two deepwater drilling units (Sevan Driller II and III) that have been contracted to Petrobras and ONGC on charter contracts.

“We are pleased to announce the signing of this mandate letter in a difficult financial market. This is an important step towards securing full financing for these rigs”, says Jan Erik Tveteraas, CEO Sevan Marine ASA.

Tags: Sevan Drilling AS



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