Seajacks Completes Financing for Liftboat Construction

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

NIBC Bank N.V. underwrote the transaction.

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.

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