Seadrill Secures $1.5B Credit Facility

Seadrill has successfully secured commitments for a senior secured credit facility in the amount of US $1.5 billion with a group of various commercial lending institutions and export credit agencies.

The credit facility will be used to refinance the existing US $1,000 million bridge loan facility as well as for general corporate purposes. The loan will be secured by first priority mortgages in two ultra-deepwater semisubmersible drilling rigs (West Aquarius and West Sirius), one deepwater drillship (West Capella) and one jack-up drilling rig (West Ariel).

The facility will have a tenor of 5 years, an amortization profile of 8.5-years and will be governed by standard Seadrill financial covenants.

Alf C Thorkildsen, Chief Executive Officer, says, "We are pleased to have put in place this credit facility in the challenging financial environment. This agreement reflects the quality of our assets and contract backlog as well as our long and outstanding relationships with our supporting banks. The new facility further strengthens the Company's financial position."

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