Oceaneering enters into new $300 million revolving credit facility

By Jennifer Chiou

New York, Jan. 6 - Oceaneering International Inc. announced that it has entered into a new $300 million revolving credit facility, replacing its prior credit agreement that was set to expire on Jan. 22.

Wells Fargo Bank, NA and DNB Bank ASA acted as joint lead arrangers and joint bookrunners. HSBC Bank USA, NA, JPMorgan Chase Bank, NA, Bank of America, NA and Barclays Bank plc also participated.

According to a news release, availability can be increased to up to $500 million at any time upon agreement between Oceaneering and existing or additional lenders.

Proceeds are slated for general corporate purposes.

The release added that the new credit agreement contains similar financial covenants as the prior agreement relative to defined levels of Oceaneering's debt to total capitalization and interest expense coverage.

Oceaneering is a Houston-based oilfield provider of engineered services and products, primarily to the offshore oil and gas industry.

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