“Round rig” maker Sevan Marine said its drilling business, Sevan Drilling, has secured a $400M loan to build its Deepsea Driller vessel for Brazilian oil company Petrobras.
GE Energy Financial Services, GE Transportation Finance and Singapore’s DVB Group Merchant Bank agreed financing once guarantors the Norwegian Export Credit Agency had signed up.
Upfront lending of $250 was secured for the material-orders period, although late last year, NOK1 billion was sold in bonds.
Management said Monday the new lending “secures” the new rig’s financing.
A GE vice president said in a statement that offshore was still a “strategic growth area” for lenders, and that the financing deal marked the “full range” of debt services available.
Norway-based Sevan generated its own offshore boom by offering rig-building using cheaper ship-building methods.
ws@scandoil.com
Add a Comment to this Article
Please be civil. Job and promotion will not be added into the comment page.