Sevan Secures Construction Financing for 2 Deepwater Semisubs

Sevan Drilling ASA, a wholly-owned subsidiary of Sevan Marine ASA, has signed a mandate letter with two leading financial institutions to arrange construction financing of up to US $1 billion (or 70% of construction cost) that converts into a six-year amortizing term loan following delivery of two deepwater drilling units.

The debt facility is intended to part-finance the construction of two deepwater drilling units (Sevan Driller II and III) that have been contracted to Petrobras and ONGC on charter contracts.

"We are pleased to announce the signing of this mandate letter in a difficult financial market. This is an important step towards securing ful financing for these rigs," said Jan Erik Tveteraa, CEO of Sevan Marine.

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