Seadrill Refinances $600MM Credit Facility

Seadrill is in the final stages of refinancing part of the bridge loan financing due in May 2010. The Company has received board approval from a finance institution guaranteeing US $420 million of a new US $600 million credit facility.

The facility will have participation from export credit agencies as well as commercial banks and will be secured in the drillship West Capella and the jackup drilling rig West Ariel. The completion of such facility will provide US $267 million in additional financing after reducing the bridge from US $1 billion to US $667 million.

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