Sevan Drilling arranges vessel construction financing

Sevan Drilling ASA has signed a mandate letter with two leading financial institutions to arrange construction financing of up to $1 billion (or 70% of construction cost) that converts into a six-year amortizing term loan following delivery of two deepwater drilling units.

Offshore staff

OSLO -- Sevan Drilling ASA has signed a mandate letter with two leading financial institutions to arrange construction financing of up to $1 billion (or 70% of construction cost) that converts into a six-year amortizing term loan following delivery of two deepwater drilling units.

The debt facility is intended to part-finance the construction of two deepwater drilling units (Sevan Driller II and III) that have been contracted to Petrobras and ONGC on charter contracts.

10/30/2008

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