Ocean Rig amends loan agreement to release guarantee, trim prepayment

By Marisa Wong

Morgantown, W.Va., Sept. 1 – Ocean Rig UDW Inc. amended and restated its secured term loan facility agreement entered into on Feb. 13, 2015, for up to $475 million to partially finance the Ocean Rig Apollo, according to a 6-K filing with the Securities and Exchange Commission.

Under the amendment completed on Wednesday, the company was released from its guarantee under the loan agreement; the mandatory prepayment required to be made due to the termination of drilling contract for the Ocean Rig Apollo with Total E&P Congo was reduced; the ownership of wholly owned subsidiary Drillship Alonissos Shareholders Inc. and Drillship Alonissos Owners Inc., as owner of the Ocean Rig Apollo, was transferred from Ocean Rig to a trustee; and the company was given an option to purchase the shares of Drillship Alonissos Owners, subject to some conditions.

DNB Bank ASA is the facility agent and security agent for the loan agreement.

Ocean Rig is a deepwater driller based in Nicosia, Cyprus.

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