Seadrill is pleased to inform that through a general bid on March 27, 2009, the Company has acquired NOK1,603 million equal to a 80.2 percent interest in the Petromena NOK2,000 million bond loan (ISIN NO 001031608.6). The bond loan is secured in two new deepwater rigs that have scheduled deliveries from the Jurong shipyard in April and September this year. Seadrill has invested NOK1,100 million in the mentioned bond loan, which gives a credit exposure of substantially less than US $400 million per rig.
If a situation should arise where Petromena is not in the position to finance the rigs or repay the amounts due to the Bondholders in accordance with the existing loan agreements, Seadrill might be prepared to assist the projects with senior financing and operational expertise in order to maximize the recovery to bondholders.
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