2007

WestLB Carioca

According to market sourcesWestLB AG, is in the market with a complex cross-border financing for an ultra-deepwater drilling rig. The transaction is designed to develop the Brazilian offshore industry while being structurally attractive to third party investors including, in particular, the German KG Market which will provide a substantive part of the equity.

Engaged by Delba Perfuradora International S.A., WestLB acted as Lead Arranger, underwriter and bookrunner for the successful offering of a senior secured credit facility of up to $488 million to provide debt financing for the construction and operation of a Gusto MSC TDS 2500-design semi-submersible offshore drilling rig.

The vessel will be constructed under a $438.94 million fixed price, turnkey Engineering, Procurement and Construction Contract with Single Buoy Moorings Inc. Excluding financing costs, the cost of the vessel is expected to be around $520 million with the difference being equity commitments by the owners. Construction of the vessel will take place at the shipyard owned by Gulf Piping CompanyW.L.L. of Abu Dhabi. Delivery by the shipyard is expected to be June 1, 2010 with commercial operations to commence by August 11, 2010.

This is only an excerpt of Rig Finance Focus – 08/02/2007

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