Moody's: Offshore notes at B3

Moody's Investors Service said it assigned Offshore Group Investment Ltd. a B3 (LGD 3, 34%) rating to the company's proposed $225 million of senior secured notes due August 2015. The new notes are an add-on to the existing $1 billion note offering from July 2010.

The outlook is stable.

The proceeds of the note offering will be used to acquire the Aquamarine Driller jack-up rig from parent Vantage Drilling Co. for $228 million.

The company's ratings, including the B3 corporate family rating, reflect Vantage's small size and limited operating history, the agency said. The company has a short operating history, with its first jack-up delivered in February 2009. While limited, Vantage's operating performance to date has been good, and the company benefits from owning new and high quality rigs.

The ratings also reflect the small fleet size and the high leverage for Vantage, the agency added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.