Songa Offshore extends financing on semi-submersible rig trio

Songa Offshore extends financing on semi-submersible rig trio

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.

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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