Ocean Rig gets partial financing for Ocean Rig Apollo

Ocean Rig UDW Inc. (NASDAQ:ORIG) has received firm commitments for up to a $475-million syndicated secured term loan to partially finance the construction costs of the Ocean Rig Apollo

Offshore staff

NICOSIA, Cyprus –Ocean Rig UDW Inc. (NASDAQ:ORIG) has received firm commitments for up to a $475-million syndicated secured term loan to partially finance the construction costs of the Ocean Rig Apollo.

The amount is for the lesser of $475 million and 70% of the fair market value of the drillship. This financing is led by DNB and the lending syndicate consists of DVB Bank and potentially other commercial lenders as well as the Import-Export Bank of Korea (KEXIM).

01/19/2015

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