Prospector Offshore Drilling Secures Loan to Finance Rig Construction

Prospector Offshore Drilling Secures Loan to Finance Rig Construction

Prospector Offshore Drilling S.A. has entered into a non-binding terms and conditions agreement with the China Development Bank Corporation for a senior secured credit facility to finance the final installment of the shipyard construction contract with Dalian Shipbuilding Industry Offshore Co., Ltd.

The Facility is considered to be on prevailing market terms for this kind of borrowing and provides for a six-year loan of up to USD 139.0 million , and will be secured by a first mortgage on the Company’s first rig (PROSPECTOR 1) and will be insured by the China Export & Credit Insurance Corporation (“Sinosure”).

The Facility will be guaranteed by the Company, Prospector Rig 1 Owning Company S.à r.l. (the subsidiary that owns PROSPECTOR 1) and Prospector Rig 1 Contracting Company S.à r.l., the subsidiary that has entered into a drilling contract with Total E&P UK Limited and Elf Exploration UK Limited for PROSPECTOR 1. The Borrower will also be permitted to arrange a second lien facility of up to USD 35 million subject to an acceptable inter-creditor agreement between the Lender and the potential second lien lenders. The Company has no intention to secure second lien financing at this time.

Robert W. Rose, the PROS President and CEO, commented today: “The agreement with China Development Bank and Sinosure is a significant milestone for the Company. The proceeds from the Facility, with our existing cash balances, will allow the Company can take the delivery of PROSPECTOR 1, which is expected in early 2013. We are very proud of our relationships with the China Development Bank and Sinosure, which will be very important as we continue our efforts to arrange financing for the rest of fleet under construction in China, and work to further develop our company.”

November 12, 2012

Share this article

Follow Offshore Energy Today

Events>

<< Feb 2017 >>
MTWTFSS
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 1 2 3 4 5

23rd Annual BBSPA Conference

The Conference has established itself as a platform that brings together high-level professionals from regional and international oil…

read more >

SNS2017 – The Southern North Sea Conference & Exhibition

EEEGR’s flagship Southern North Sea conference is the most important event for the energy sector in the East of England…

read more >

CERAWeek 2017

CERAWeek by IHS Markit is the premier annual international gathering of energy industry leaders, experts, government officials…

read more >

MEOS 2017

Meos in Manama is a trade show and conference, which provides companies in the oil and gas industry in the Middle East a platform for discussion…

read more >

Jobs>

Electrician

For one of our clients we are looking for a Ships Electrician. Our client is a company with worldwide activities. You will work in a rotation of 4 till 6 weeks on and off.

apply

Assistant Driller

Maersk Drilling Norge AS was established in 1990 and employs a staff of approximately 1000 people.

apply

QC Coordinator Offshore

Do you attach great importance to quality and do you have an affinity with offshore projects? Then read about what Van Oord can offer you.

apply