Title XI Funding
Should Congress fund the Title XI program in FY2007?


Marine Log

April 25, 2007

Financing in place for North Sea liftboats

Seajacks International Ltd. has completed the construction and long term financing for its first two liftboats under construction.

NIBC Bank N.V. underwrote the transaction.

Seajacks has entered into a contract with Lamprell Energy Ltd (Lamprell) to build two special purpose four legged self-propelled jack-up units to facilitate well intervention and platform maintenance services in the Southern North Sea (SNS). These units will be delivered and available for work in the North Sea from Q1 2009 and Q2 2009 respectively.

Seajacks units have been specifically designed in full compliance with U.K., Dutch and Danish sector regulations by GustoMSC. They are outfitted with DP-2 dynamic positioning capability to ensure fast, efficient, and safe movement between SNS platforms without the assistance of tugs.

The financing is in accordance with the plans presented during the equity fundraising in January 2007 and consists of a $130 million senior loan, a $40 million junior loan and a $10 million revolving credit facility. All facilities mature 5 years from the delivery of the second liftboat from the shipyard.

Seajacks International Ltd. is a Bermuda based corporation founded in 2006 to own and operate state-of-the-art offshore liftboat vessels.