Energy Drilling has signed a US$175.5 million Senior Secured Term Loan Facility with a group of four lenders on Monday 7th April 2014.
The Facility shall be used as final payment upon delivery by Cosco Guangdong Shipyard for the first two tender rigs ordered in 2012. Delivery of the first unit is imminent and the second unit is expected in July.
With the signing of this Facility, Energy Drilling is now fully funded to take delivery of the first two units and undertake drilling operations for the intended markets. Both units are being evaluated by various oil companies for drilling operations starting in the 3Q 2014.
Speaking on behalf of one of the lenders, Magnus Piene, SVP & Global Head of Offshore for DNB Bank ASA, said, “We are very pleased to be given this opportunity to raise funding for this exciting new company. Although Energy Drilling may be new, we have known and worked with its management team for many years in the past. We have full confidence in their ability to deliver and we look forward to building a long lasting relationship with them as they grow.”
Marcus Chew, CEO of Energy Drilling, added, “We are thankful to the lenders for the trust shown in us. We have raised sufficient capital with strong shareholders and now with the funding secured we are ready to deliver the products to our customers. We look forward to an exciting journey ahead.”
April 09, 2014; Image: