Odfjell Drilling secures funding for new semi-submersible

Odfjell Drilling secures funding for new semi-submersible

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.

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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