$335.6 Million Gets Awilco the WilPromoter Offshore Rig

Awilco Offshore (AWO) has signed a US$335.6 million loan agreement for its third semi rig called the WilPromoter. The loan agreement is with Citibank, Eksportfinans/GIEK and The Export-Import Bank of China.

This financing represents approximately 85% of the estimated delivered cost of WilPromoter. The interest rate prior to delivery of the rig is Libor + 125 basis points, and the margin will be significantly reduced when the rig is delivered.

WilPromoter is under construction at Yantai Raffles Shipyard in China with scheduled delivery in the fourth quarter 2009. The rig will be working on an 8 year contract with StatoilHydro for drilling on the Troll field, commencing mid 2010.

With the signing of this loan agreement, all the 13 rigs AWO has in operation or under construction are now financed.

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