EuropeFinance and InsuranceOffshore

Odfjell Drilling refinances semi-submersible pair

Releasing its quarterly results today, Norwegian offshore driller Odfjell Drilling has revealed a refinancing deal has been offered to its rig-owning entity Deepsea Invest by DNB Bank for semi-submersibles 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 tenor is 3 years from drawdown which is scheduled for September.

Odfjell Drilling has also managed to amend financial covenants across its group credit facilities. The new covenants have been adjusted to a leverage ratio of maximum 6.0 through 2016, 5.5 through 2017 and a maximum 5.0 onwards. Equity ratio has been adjusted to a minimum of 30%.

Odfjell posted revenues of $183m for the quarter, down $103m on the same quarter as last year, and an EBITDA of $73m.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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