Odfjell Drilling gets bank facilities totaling $497 million

By Mary-Katherine Stinson

Lexington, Ky., July 3 – Odfjell Drilling Ltd. secured bank facilities totaling $497 million, according to multiple news releases.

The company amended and extended its $197 million Deepsea Nordkapp facility to January 2029 with a commercial tranche and an export credit agency tranche.

The company also secured a $300 million bank facility with Deepsea Stavanger, which matures in February 2028.

The Deepsea Stavanger facility consists of a $125 million term loan tranche and a $175 million revolving credit facility, upsized by $15 million from the announcement of the facility on May 8.

With this refinancing, the company’s existing facilities have been prepaid and maturities pushed out to 2028.

Proceeds from the $125 million Stavanger term loan tranche will be available upon final license approval of the Aker BP contract for Deepsea Stavanger and used to repay the $95 million Aker BP loan.

As a part of the refinancing, Odfjell also raised $390 million through the issuance of a significantly oversubscribed rated bond, secured against the Deepsea Aberdeen and Deepsea Atlantic, maturing in May 2028.

The oil drilling, well service and engineering company maintains headquarters in London.

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