WFW Advises DNB on Loan to Ocean Rig

DNB Bank ASA, as agent and security agent on behalf of a syndicate of lenders, instructed Watson Farley & Williams (WFW) on a $475 million secured loan to the Ocean Rig Group for the financing of the ultra‐deepwater drillship Ocean Rig Apollo. The drillship was constructed at Samsung Heavy Industries (010140.KS) in Korea and delivered on March 5, 2015. The drillship is on contract with Total E&P Congo. This follows an earlier $1.35 billion export credit‐supported loan also arranged by DNB for the Ocean Rig Group and documented by WFW.

 

The loan is divided into three tranches; one funded by a group of commercial lenders; one funded by Korea Eximbank (KEXIM); and one funded by DNB and Credit Suisse and guaranteed by KEXIM. The mandated lead arrangers were DNB and DVB Bank SE.

 

The WFW team was led by London partner Nigel Thomas, supported by associate Ida Marie Oedegaard. WFW’s Paris and New York offices provided assistance under French and Marshall Islands law, respectively.