Offshore Oil Rig

WFW advises DNB on export credit-supported US$1.35bn loan to Ocean Rig

9 April 2013

Watson, Farley & Williams (“WFW”), a leading international law firm, is pleased to announce that it has advised DNB Bank ASA, on behalf of the syndicate of lenders, on a US$1.35bn senior secured credit facility to the Ocean Rig group.

The term loan is divided into three tranches; one funded by Eksportkreditt and guaranteed by Garanti-instituttet for Eksportkreditt (GIEK), the Norwegian export credit agencies; one funded by Korea Eximbank (KEXIM); and one funded by a group of commercial banks, led by DNB. The financing will be used for three ultra-deepwater drillships under construction at Samsung Heavy Industries in Korea, to be named Ocean Rig Mylos, Ocean Rig Skyros and Ocean Rig Athena and all to be delivered later in 2013.

Ocean Rig is an international offshore drilling contractor, quoted on NASDAQ with George Economou as chairman. It specialises in the ultra-deepwater and harsh-environment segment of the offshore drilling industry.

WFW partner Nigel Thomas led on the deal, supported by associate Ida Marie Oedegaard, both based in London.

Lead partner Nigel Thomas commented: “We were delighted to assist DNB on this very significant deal – it highlights the international nature of the offshore drilling market, with two of the drillships scheduled to be working offshore Brazil with Repsol Sinopec and offshore Angola with Conoco Phillips.”