NIBC in senior secured facility for Atlantica Tender Drilling

Corporate News -

NIBC´s Oil & Gas team participated in a senior secured facility for Atlantica Tender Drilling, a company that owns, designs, develops and operates tender rigs – support platforms for drilling rigs.

Tender rigs are typically used as a cost-efficient solution for drilling oil production wells. The drilling takes place from a drilling platform moored alongside, while all the power, storage and other functions remain on the tender, which can be either semi-submerged or positioned in shallow water.

Since 2007, Atlantica has evolved from a start-up into a substantial player in the niche tender assist drilling market. The company owns and operates the semi tender BassDrill Beta on a long-term contract for Petrobras on the Papa Terra field offshore Brazil, as well as the tender barge BassDrill Alpha which is on a long-term contract for Total Congo, offshore West-Africa. Atlantica has two further rigs under construction, Atlantica Gamma and Atlantica Delta, the latter contracted to Total Congo on a long-term contract commencing in 2015.

NIBC’s relationship with Atlantica goes back to a role in financing BassDrill Beta. The new corporate facility – a club deal involving five banks – involves refinancing the existing facility for Atlantica’s operational rig and financing the delivery payments for the rigs under construction. This enables Atlantica to transition from a financing structure for single projects to corporate fleet financing.

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