Sevan Drilling extends secured credit facilities, revises terms

By Tali Rackner

Norfolk, Va., April 29 – Sevan Drilling amended its secured credit facilities to extend the maturity to June 30, 2017, to reset the leverage covenant and to revise the definition of the equity ratio to exclude the impact of any change to the market value of the company’s rigs, according to a notice.

The amendment also suspends the provision that allows lenders to receive a prepayment if rig values decline below a minimum value relative to the loan balance outstanding.

Sevan is a Norway-based owner, operator and licenser of FPSOs and drilling units.

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