NIBC helps finance drilling rigs for Songa Offshore

Corporate News -

NIBC’s Oil & Gas Services and Loan Syndications teams closed senior secured credit facilities worth USD 1.1 billion
for Norway’s Songa Offshore, the most important drilling contractor for Norwegian oil company Statoil.

NIBC acted together with ABN AMRO, ING and Swedbank as mandated lead arranger and underwriter for the financing of two new semi-submersible drilling rigs for Stavanger-based Songa Offshore.

The new Cat D drilling design was developed by Statoil in cooperation with the drilling industry and are under construction at the DSME yard in South Korea. They are expected to be delivered in 2015 and will then be used by Statoil on the Norwegian Continental Shelf under eight-year fixed contracts.

The financing is made up of a USD 840 million commercial tranche and a USD 260 million export credit tranche. NIBC played a key role in securing participation from seven commercial banks involved in the syndication, which was substantially oversubscribed.

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