Norway: USD 480m Bank Facility for Sevan Driller Underwritten

Sevan Marine ASA, on behalf of one of its subsidiaries, has secured commitments, subject to documentation and conditions precedent, for a USD 480 million Senior Debt Project Finance Facility for the Sevan Driller with DVB Group Merchant Bank (Asia) Pte Ltd, NIBC Bank N.V. and ING Bank N.V. as Mandated Lead Arrangers.

The facility is structured as a limited recourse financing and is fully underwritten by DVB Group Merchant Bank (Asia) Pte Ltd, NIBC Bank N.V., ING Bank N.V., China Development Bank and GIEK/Eksportfinans. Syndication is not closed yet as other investors are expected to join the facility. Net proceeds will be used to repay the existing 1st and 2nd lien financing on the Sevan Driller and for general corporate purposes.

Sevan Driller commenced operations for Petrobras S.A. in June 2010 under a six year fixed term charter contract.

The information in this announcement is subject to the disclosure requirements of the Norwegian Securities Trading Act section 5-12 and/or the Oslo Børs – Continuing Obligations.

Sevan Marine ASA is specializing in owning, operating and licensing FPSOs and drilling units, based on its patented cylindrical floater technology. Sevan Marine ASA is listed on Oslo Børs with ticker SEVAN.

Source: SevanMarine, December 30, 2010;

Share this article

Follow Offshore Energy Today

One thought on “Norway: USD 480m Bank Facility for Sevan Driller Underwritten”

Comments are closed.

Events>

<< Nov 2019 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

Offshore Energy Exhibition and Conference (OEEC) 2020

Offshore Energy addresses the technical, operational and commercial challenges associated with future sector growth.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply