Maracc gets $280 million financing for Island Innovator

Marine Accurate Well ASA – Maracc – has successfully secured a fully committed $280 million financing package for the remaining construction costs of Island Innovator, a drilling and heavy well intervention semi submersible being built at Cosco Shipyard Group, China. The top-side package is being delivered by Nymo AS/National Oilwell Varco AS and the complete unit is scheduled to be delivered in the first quarter of next year.

The largest shareholder in Maracc is Island Offshore, in which the Edison Chouest group is a partner with Norway’s Ulstein family, and members of the Maracc board include Morten Ulstein and Dionne Chouest.

Capable of handling all well intervention needs, Island Innovator is the first of its kind, and is designed for North Sea operations. The GM4000 is a fully equipped semi-submersible unit based on proven design.

Island Offshore is responsible for the marketing and management the vessel.

The financing package consists of both pre-and post delivery financing. It is being arranged by DnBNOR Bank ASA, and consists of export credit agency funding combined with commercial bank funding and loan guarantees. The financing is also supported by Maracc’ s major owners. Maracc says the funding is on “significantly more favorable terms than the terms achievable in the bond market.”

March 18, 2011