West Lb News

Milbank Represents Group of International Lenders in $692 Million Financing for New Deep Sea Drilling Ship Purchased by Brazil’s Schahin Group. Black Diamond 1 to be built by Samsung and leased to Petrobras for 10-year exploration of Brazil’s offshore oil and gas reserves; lender group from Asia, Europe, US. In one of the most significant cross-border financings involving Brazil’s offshore energy sector this  year, Milbank, Tweed, Hadley & McCloy LLP has represented a consortium of major international lenders providing a US$692 million debt facility for the purchase of the Black Diamond I deepwater drillship by Schahin Group. The Brazilian…

DryShips Inc. (NASDAQ: DRYS), a global provider of marine transportation services for drybulk cargoes and off-shore contract drilling oil services, announced that it has signed an agreement with Commerzbank and West LB on waiver terms for $70 million of our outstanding debt. This agreement is subject to customary documentation. George Economou, Chairman and Chief Executive Officer, commented: "We are pleased to have reached an agreement with Commerzbank and West LB. We are now left with two facilities with aggregate outstanding debt of $117.5 million, where waiver agreements are close to finalization." (www.dryships.com)

DryShips Inc. (NASDAQ: DRYS), a global provider of marine transportation services for drybulk cargoes and off-shore contract drilling oil services, announced that it has signed agreements with Nord LB and West LB on waiver terms for $116m and $67m respectively of our outstanding debt. George Economou, Chairman and Chief Executive Officer, commented: "I am pleased to report another set of waivers from our banks who remain extremely supportive of DryShips. We are now left with $187.5 million of outstanding debt, where constructive discussions with the banks continue for waivers and we expect to have those concluded shortly." (www.dryships.com)

Shares in shipping operator Peninsular & Oriental Steam Navigation Co. moved to full speed ahead March 23, tracking a recovery course by U.S. cruise giant Carnival Corp., analysts said. P&O shares, which slid from $16.47 at the beginning of the year to touch a low of 586 pence on March 17, were among the strongest performers in the FTSE 100, up 48-1/2 pence or eight percent at 648p.. More than 3.2 million shares traded by this time. P&O shares have underperformed the FTSE 100 index by as much as 38 percent on the year, but that pales to insignificance when placed alongside Carnival's share slump. The world's largest cruise operator is down 50 percent against the S&P 500 index on the year, having sunk to an 18-month low of $21-3/16 on March 17.

With the construction of new sister ships progressing as scheduled and the recently signed contract to manage the world's first ocean-going luxury residence, Silversea cruises is well poised for growth in the next millennium. The line was founded in 1992 with the concept of offering all-inclusive, ultra-luxury cruises to all parts of the world. The first ship, Silver Cloud, debuted in 1994, followed by Silver Wind in 1995. In five years, the line emerged as a leader in the ultra-luxury cruise market and is internationally recognized as the world's best small ship cruise line. The company's strong performance has made it possible to expand the fleet after only four years of operation. In May 1998, Silversea signed a contract for two new ships.

With the construction of new sister ships progressing as scheduled and the recently signed contract to manage the world's first ocean-going luxury residence, Silversea Cruises is well poised for growth in the next millennium. The line was founded in 1992 with the concept of offering all-inclusive, ultra-luxury cruises to all parts of the world. The first ship, Silver Cloud, debuted in 1994, followed by Silver Wind in 1995. In five years, the line emerged as a leader in the ultra-luxury cruise market and is internationally recognized as the world's best small ship cruise line. The company's strong performance has made it possible to expand the fleet after only four years of operation. In May 1998, Silversea signed a contract for two new ships.