EXIMbank to Provide $300MM to Brazilian Firm for Drillships
Korea's state-run trade bank will provide $300 million in loans and guarantees to a Brazilian firm to help it finance its ship purchases from a local shipbuilder.
The Export-Import Bank of Korea will extend $165 million in loans and $135 million in guarantees to drilling-equipment firm Odebrecht SA, which ordered two drillships from South Korea's Daewoo Shipbuilding & Marine Engineering Co. last year, the lender said in a statement.
Both of the ships are to be leased to Petrobras, a Brazilian state-run company, and the proceeds from the long-term lease will be used to redeem the loans, EXIMbank said.
"EXIMbank expects this deal will have a positive influence on local shipyards and help them win more orders from Petrobras, which is planning to invest $174 billion in oil exploration over the next five years," the trade bank noted. EXIMbank will provide more financing to local shipbuilders to take advantage of this opportunity, it said.
Operates 34 Offshore Rigs
Manages 10 Offshore Rigs
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Company: Odebrecht more info
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