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Odfjell Drilling completes refinancing

Odfjell Drilling has announced that the conditions for the refinancing for its rig-owning entitiy Deepsea Invest have been fulfilled.

The deal refinances two of the company’s semi-submersible rigs, Deepsea Atlantic and Deepsea Stavanger.

The new facility is for $525m and will refinance a senior secured term loan facility that matures in November 2016. It will be repaid by quarterly installments of $12.5m, starting in the first quarter of 2017. The interest rate will be 415 basis points above LIBOR and the tenor is 3 years.

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.
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