Oslo: Songa Offshore has extended the maturity of financing for semi-submersible rigs Songa Dee, Songa Delta and Songa Trym.
The extension is from the fourth quarter of 2016 to the first quarter of 2018, when the financing will mature with a balloon payment of $25m. The amended deal also includes an extraordinary upfront repayment of $35m
Additionally, the company has entered into a term sheet for a new credit facility from main shareholder, Perestroika, for $50m. The new facility matures in April 2021, but can be called by Perestroika in June 2018. It is unsecured and at an interest rate of LIBOR plus 8%.
Songs Offshore currently has a fleet of 3 midwater semi-submersible rigs, with an additional 4 set to deliver during 2015.