Seadrill Limited has successfully secured commitments from a group of commercial lending institutions and export credit agencies for a new US$550 million senior secured credit facility.
The new facility has a tenor of five years and a 10 years amortization profile. Interest on the loan and the set of financial covenant is in line with recent credit facilities entered into by the Company.
The ultra-deepwater semi-submersible rig West Capricorn, which recently secured a five-year contract with a major oil company, will be pledged as security.
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Source: Seadrill; October 10, 2011