Seadrill secures $550m loan

10 October 2011 (Last Updated October 10th, 2011 18:30)

Norwegian rig operator Seadrill has secured a loan worth $550m from a number of unnamed lenders.

Norwegian rig operator Seadrill has secured a loan worth $550m from a number of unnamed lenders.

The company said that the new loan has a tenor of five years and an amortisation profile of ten years.

Seadrill has pledged its ultra-deepwater, semi-submersible drilling rig newbuilding West Capricorn as security on the loan.

Earlier the company said that it has chartered the drilling rig to an unidentified oil company to work off North America following delivery from Singapore’s Jurong Shipyard in late December.

The rig has been chartered for $919m including a mobilisation fee of $30m.