Energy Drilling Fully Funded for Two Rigs

Energy Drilling signed a $175.5 million Senior Secured Term Loan Facility with a group of four lenders on Monday 7th April 2014.

The four lenders are DNB Asia Ltd, ABN Amro Bank N.V, NIBC Bank N.V. and Clifford Capital Pte Ltd.

The facility shall be used as final payment upon delivery by Cosco Guangdong Shipyard for the first two tender rigs ordered in 2012. Delivery of the first unit is imminent and the second unit is expected in July.

With the signing of this facility, Energy Drilling is now fully funded to take delivery of the first two units and undertake drilling operations for the intended markets.

Both units are being evaluated by various oil companies for drilling operations starting in the 3Q 2014.

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edrill, April 10, 2014