Songa Completes $1.1B Loan Deal to Finance Rigs
Rig operator Songa Offshore announced Friday that it has completed the signing of a credit facility for $1.1 billion that will be used to finance its last two Category D drilling rigs.
The company said that the documentation for the deal – which will finance the Songa Encourage and Songa Enabler – has been completed and loan agreements have been signed by all parties.
The deal consists of a revolving pre-delivery financing of $90 million per rig and post-delivery financing of $550 million per rig.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Transocean To Buy Norwegian Rig Firm Songa Offshore For $1.1B (Aug 15)
- Songa Offshore to Cut 430 Jobs Due to Ongoing Norway Oil, Gas Strikes (Sep 30)
- Songa Encourage Rig Commences 8-Year Statoil Drilling Contract (Apr 12)