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.



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