Ocean Rig secures cash for ‘Ocean Rig Apollo’

Ocean Rig UDW Inc., a provider of offshore deepwater drilling services, has received firm commitments from lenders for up to a $475 million syndicated secured term loan to partially finance the construction costs of the Ocean Rig Apollo.

The company says that the facility amount is for the lesser of $475 million and 70% of the fair market value of the drillship.

This facility has a 5 year term, and approximate 12 year repayment profile, and bears interest at LIBOR plus a margin. The financing is led by DNB and the lending syndicate consists of DVB Bank and potentially other commercial lenders as well as the Import-Export Bank of Korea (KEXIM).

The agreement is subject to definitive documentation which the company expects to complete in the following weeks.

Ocean Rig Apollo

The Ocean Rig Appollo is the 7th Generation Deep Water Drillship of SAIPEM 10000 design. The vessel, being built in South Korea by Samsung Heavy Industries, is scheduled for delivery in January 2015.

The rig has dual activity capabilities and design for drilling operations in water depths from 500 meters (1640 feet) to 3650 meters (12000 feet). The rig is Dynamic Positioned, DP Class 3.

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