NIBC closed a facility for Prospector Offshore Drilling

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NIBC closed a USD 270 million senior secured facility and provided an Interest Rate Swap for Prospector Offshore Drilling S.A..

Prospector Offshore Drilling S.A. is a high specification harsh-environment jack-up drilling contractor incorporated in 2010. It is listed on the Oslo Stock Exchange. Prospector employs 140+ people worldwide and has offices in Houston, Aberdeen and Luxembourg. The company’s two largest shareholders are Norwegian investors Bjarne Skeie and Oystein Spetalen.

Since its incorporation, Prospector Offshore Drilling has ordered eight jack-up drilling rigs from two different shipyards in China. Three of these rigs were sold prior to delivery and two will be put to work for Total, the French multinational oil company, in the North Sea starting in third quarter of 2014. Prospector Offshore Drilling expects to announce contracts for its remaining three rigs prior to their respective delivery dates in 2014, 2015 and 2016.

The USD 270 million senior secured bank facility was provided in a six-bank club deal and was used to refinance existing debt for one of the rigs and partially pay for the delivery of the other rig. The senior bank facility is secured by a first priority mortgage on both rigs, and guaranteed by Prospector Offshore Drilling S.A.

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