Ocean Rig Announces Financing, Contract Developments

press release
Tuesday, February 05, 2013

Ocean Rig UDW Inc., a global provider of offshore deepwater drilling services, has announced:

 

  • $1.35 billion Bank Facility

The Company announced that it has received firm commitments from lenders for a $1.35 billion syndicated secured term loan to partially finance the construction costs of the Ocean Rig Mylos, the Ocean Rig Skyros and the Ocean Rig Athena. This facility has a 5 year term, and approximately an 11 year repayment profile. The facility bears interest at LIBOR plus a margin. Lead banks are DNB Bank and Nordea Bank supported by several other commercial lenders. Also participating in this financing are export credit agencies Garanti-Instituttet for Eksportkreditt (GIEK), Export Credit Norway and the Import-Export Bank of Korea (KEXIM).

 

This agreement is subject to definitive documentation which the Company expects to complete in the first quarter of 2013.

 

  • Contract Award for the Eirik Raude

 

Ocean Rig has entered into definitive documentation for one of its semi-submersible drilling rigs, the Eirik Raude, with a major oil company. The drilling contract is for a firm four-well program plus options, with an estimated duration of about 12 months, for drilling offshore West Africa, with an estimated backlog of about $217 million, including mobilization and demobilization. The rig is scheduled to commence this contract in the second half of 2013, in direct continuation of its previous contract in Ireland.

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