Offshore staff

MEXICO CITY – Milbank, Tweed, Hadley & McCloy has arranged $547 million in financing for a Korean-built drillship under development for Grupo R to lease to Pemex.

The vessel will be christened La Muralla IV and will have the capacity to operate in water depths of 10,000 ft (3,048 m) and drill up to 35,000 ft (10,668 m).

Financing for the rig is being led by Mizuho Corporate Bank Ltd. and WestLB AG, with an additional tranche provided by the Korea Export-Import Bank. There is an additional commercial lender tranche that benefits from K-Sure insurance coverage provided by the Korea Trade Insurance Corp. Other financial institutions involved were the Bank of Communication New York, Korea Development Bank, Santander, Grupo Financiero, BBVA, Banco National de Mexico, HSH Nordbank, and Scotiabank.

7/23/2012