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October 12, 2009

Ocean Hotels secures financing for Davie newbuilds

Ocean Hotels Plc has signed a loan agreement for US $100 million senior secured loan from Export Development Canada for the financing of the company's two newbuildings under construction at Davie Yards Inc. ("Davie").

The loan will allow Ocean Hotels to draw up to $100 million in construction financing prior to delivery of the two multipurpose accommodation vessels, provided certain conditions are fulfilled. A $40 million prefunding to Davie Yards Inc, announced July 24, is included in the $100 million loan. Following delivery of the vessels, the loan will be repaid over 12 years. The loan will be secured by a first priority mortgage on the vessels under construction.

Ocean Hotels CEO Ola D&slasho;nnem stated: "The signing of the loan agreement is an important milestone for Ocean Hotels and it is a fundament for the remaining financing. The support from the Canadian government has been essential to ensure the continued progress of our new building program."


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