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>

<< May 2016 >>
MTWTFSS
25 26 27 28 29 30 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 31 1 2 3 4 5

6th Colombia Oil & Gas Conference & Exhibition

The event was officially opened by the Minister of Mines & Energy, Tomás González, and gathered industry leaders who discussed strategies…

read more >

Offshore Technology Conference (OTC)

The Offshore Technology Conference (OTC) is where energy professionals meet to exchange ideas and opinions to advance scientific and technical…

read more >

3rd Annual Myanmar Upstream Oil & Gas Summit & Exhibition

The Summit provided updates on oil & gas production sharing contracts yet to be finalised, exclusive geological data, updates on the fiscal…

read more >

Iraq Petroleum 2016

Iraq Petroleum is established as the only strategic event bringing together the Iraqi industry leaders with key international players…

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

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

Assistant Driller

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

apply