Songa Offshore secures financing for semisubmersible newbuilds

Songa Offshore reports that it has finalized a new $420 million bank facility with a repayment profile of 8.5 years. It will be used to finance the delivery of the ultra-deepwater semisubmersible offshore drilling rig Songa Eclipse, currently ready for delivery from Jurong shipyard in Singapore.

Additionally, Songa has received a firm offer on a $100 million facility in the amount of USD 100 million. This facility will be used to part-finance the first installment on two semisubmersibles currently on order from Deawoo Shipbuilding & Marine Engineering Co., Ltd (DSME).

August 23, 2011