Pacific Drilling Gets Funding for Two Drillships

Press Release
Wednesday, February 20, 2013

Pacific Drilling S.A. sign a $1 billion senior secured credit facility agreement to finance construction of the Pacific Sharav & Pacific Meltem.

The term loan made pursuant to the credit facility will have a maturity of 5 years from the delivery date of the Pacific Meltem. A portion of the funding will be provided before delivery of the vessels, with all drawdowns from the facility subject to satisfaction of customary conditions precedent. The transaction was led and structured by Citibank and DNB, and supported by the Norwegian export credit agencies Garanti-Instituttet for Eksportkreditt (GIEK) and Eksportkreditt Norge AS. Also acting as Mandated Lead Arrangers were ABN AMRO, ING, SEB and Standard Chartered Bank.

We are pleased to announce the signing of this credit facility and appreciate the efforts of the lending group in enabling us to meet our goal of securing long-term financing for our 6th and 7th drillships,” stated Pacific Drilling CEO Chris Beckett. "Our strong relationships with leading commercial banks and export credit agencies should allow us to balance our financing sources and costs as we continue to grow our asset base."

Pacific Drilling currently operates four drillships under customer contract, and has one drillship on order and three drillships under construction at Samsung, two of which are under customer contract.

Legal counsel for the company was Vinson & Elkins LLP, and legal counsel for the lenders was Holland & Knight.
 

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

General Dynamics gets $25 mi GPS Contract from Lockheed Martin

General Dynamics Advanced Information Systems, a business unit of General Dynamics, was awarded a $25.4 million full-production contract from Lockheed Martin to support the U.

Globecomm to Provide VSAT for PBJV Barge

Purpose-built accommodation and pipe-lay barge on charter to Petronas equipped with VSAT and L-Band services. Globecomm Maritime has been awarded a contract

VSTEP Wins Mexican Navy Simulator Contract

The Mexican Navy selected VSTEP to supply a Class A NAUTIS Full Mission Bridge (FMB) Simulator and 24 NAUTIS desktop trainer stations for the Naval Academy in Veracruz.

Offshore

New Standard gets Revised Program for Cooper Basin Approved

New Standard Energy Limited (New Standard) advises that it has received approval for amendments to its five year work program in PEL570 in the Cooper Basin. As part of the revised program,

Floating Production: $1.2b Speculative FLNG Ordered

The floating production business continues to be very strong, particularly in the LNG gas processing sector.  Last month saw a speculatively ordered floating liquefaction plant – a $1.

FLNG Prelude: A New Dawn in the Age of Maritime & Energy

Longer than four football fields, as big as six Nimitz-class aircraft carriers and almost as tall as the Taipei 101 skyscraper, Royal Dutch Shell PLC is hoping that its record-setting,

Finance

DMR Publish Latest Container Census Report

Drewry Maritime Research (DMR) says it has just published it's latest Container Census report, providing a wealth of information on the container equipment market.

Höegh LNG Partners Launch IPO

Höegh LNG Partners LP ("Partnership"), a Marshall Islands limited partnership formed by Höegh LNG Holdings Ltd. ("Company"), announced today that it has commenced an initial public offering of 9,

BP Reports Better Second Quarter 2014 Results

BP today announced its financial results for the second quarter of 2014. Underlying replacement cost profit for the quarter of 2014 was $3.6 billion, 34% higher than the $2.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Pipelines Port Authority Ship Electronics Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1844 sec (5 req/sec)