COSCO: Sevan’s 3rd Deepwater Drilling Rig Delivered

Sevan Drilling today, 23 October 2013, took delivery of Sevan Louisiana from COSCO Qidong Shipyard (COSCO) in China.

Sevan Louisiana is Sevan Drilling’s third deep water drilling rig and will start the transit to the US Gulf of Mexico. It is expected that the rig will commence operation for LLOG Bluewater towards the end of Q1 2014, following completion of mobilization and certain additional equipment installations.

The Sevan Louisiana, capable of drilling in water depths up to 10,000 feet, will use its own engines during the transit to the U.S. Gulf of Mexico, assisted by a towing vessel.

In connection with the delivery of Sevan Louisiana, the company has also closed and drawn USD 1,400 million of its new USD 1,750 million bank facility as announced on 23 July 2013. These funds have been used to repay and settle the existing bank facilities related to Sevan Driller and Sevan Brasil and to settle the remaining installment and other payables to Cosco.

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Press Release, October 23, 2013