Sevan Marine enters USD480m loan agreement

Norwegian oil service provider Sevan Marine ASA said on Wednesday it has secured a USD480m senior bank facility to repay debt and cover general corporate purposes.
The facility is structured as a limited recourse financing and is fully underwritten by DVB Group Merchant Bank (Asia) Pte Ltd, NIBC Bank NV, ING Bank NV, China Development Bank and GIEK/Eksportfinans.
Mandated lead arrangers of the loan are DVB Group Merchant Bank, NIBC Bank and ING Bank.
Syndication has not closed yet and other investors are expected to join the facility, Sevan Marin said.
The company will use the loan to repay existing financing related to its Sevan Driller rig.
Sevan Driller starter operations for Brazilian oil and gas giant Petrobras in June 2010 under a six-year charter contract.
Source: Press release