Odfjell Drilling has secured a $325m senior secured term loan facility for newbuild semi-submersible rig Deepsea Nordkapp, currently under construction at Samsung Heavy Industries.
The facility includes a tranche of $162.5m guaranteed by K-SURE and a 5-year commercial bank tranche of $162.5m.
The loan facility is available at delivery of the rig, which is scheduled for the first quarter of 2019. The first repayment will be made in the fourth quarter of 2019, with each quarterly instalment coming in at $8.55m.
Odfjell Drilling bought the rig, originally the Stena MidMax, from Samsung in April for $505m.
The rig is now full funded, including ready-to-drill project costs and working capital requirements.