NEWS

Offshore Oil Rig

WFW Asia Practice acts for banks on a US$135m facility to Vision Drilling for the financing of the “Dynamic Vision” jack-up rig

27 February 2013

Watson, Farley & Williams Asia Practice LLP (“WFW”) is pleased to announce that it advised Standard Chartered Bank, DVB Group Merchant Bank (Asia) Ltd and ABN AMRO Bank N.V., Singapore Branch on a US$135 million senior loan facility to Vision Drilling Pte Ltd to finance part of the construction of a Keppel FELS B Class jack-up rig named “Dynamic Vision”.

Vision Drilling Pte Ltd. is a wholly-owned subsidiary of Dynamic Offshore Drilling Limited and the Singapore flagged rig, which is capable of operating in water depths of 350 feet and drilling down to 30,000 feet, will be employed offshore in India under a five year contract with ONGC, India.

Simon Petch, partner at WFW Asia Practice, said: “It has been a great pleasure for us to have been able to assist with this successful financing. This first rig for the group has been an exciting project and reflects the growth of the offshore oil and gas industry in India”.

Nigel Anton, Global Head of Shipping Finance at Standard Chartered Bank said: “We are extremely pleased with the successful outcome of this financing in partnership with other banks and financiers to deliver a comprehensive client solution. This transaction demonstrates our commitment to clients across South & Southeast Asia in the shipping and offshore markets.”