Contemporaneous with the closing of the vessels purchase, Northern Offshore also closed the previously announced Senior Secured Term Loan with DnB Nor Bank ASA and Nordea Bank Norge ASA in the amount of US$300 million. The loan proceeds were used to purchase the Jack-up drilling units along with the proceeds from the previously announced US$100 million Bond Issue and a portion of the proceeds from the previously announced 9.1 million directed share issue (US$50 million) and cash on hand.
Northern Offshore Limited is a Bermuda exempted holding company, which operates offshore oil and gas production and drilling vessels deployed around the world in strategically active locations. The Company's recently renovated fleet consists of one production unit (the Northern producer, a semi submersible floating production facility) and five drilling units (the Energy Searcher, a drill ship, the Galaxy Driller, a semi submersible drilling rig and the recently purchased jackups, the Energy Enhancer, the Energy Endeavour and the Energy Exerter). The vessels operate in various markets including the North Sea, the Middle East, the Indian Ocean and Southeast Asia.
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