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Odfjell Drilling Ltd : Bank financing of Deepsea Nordkapp


Odfjell Drilling accepted on 28 August 2018 a firm offer for a USD 325 million senior secured term loan facility for Deepsea Nordkapp. The facility includes a tranche of USD 162.5 million guaranteed by K-SURE and a 5-year commercial bank tranche of USD 162.5 million.

The loan facility is available at delivery of Deepsea Nordkapp, expected in Q1 2019.

The facility shall be repaid by quarterly instalments of USD 8.55 million, first time in Q4 2019. At the current swap rate the total average interest is approx. 5.4% p.a.

The offer is subject to final documentation, and signing of the finance documents are expected by end of September 2018.
Following this, Deepsea Nordkapp is fully funded, including ready-to-drill project costs and working capital requirements, with bank debt, equity and yard seller's credit.

For further queries, please contact:
Eirik Knudsen, VP Corporate Finance & Investor Relations
+47 934 59 173

Hamilton, Bermuda
28 August 2018
Odfjell Drilling Ltd.