Constellation Oil Services secures financing for semi-submersible rig

Constellation Oil Services secures financing for semi-submersible rig

Brazilian drilling contractor Constellation Oil Services has reached a preliminary agreement for $35m of third-party financing to fund capital expenditures for its semi-submersible drilling rig Atlantic Star.

The capital expenditures are related to the rig’s three-year contract with Petrobras. The estimated contract value is $199m.

The financing is expected to be secured by a priority-lien on the rig and its related contract and insurance receivables as well as the equity interests in Star International, the rig owner.

Constellation acquired the rig in 1997 and completed an update on it in 2011.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

Related Posts