Prospector Offshore Drilling S.A. (“PROS”) announced today that, further to the announcement made on 12 November 2012, one of the Company’s subsidiaries has executed the necessary documentation for the senior secured loan facility with China Development Bank Corporation (“CDB”) for an amount up to USD 129.5 million (the “Loan Facility”).
The Loan Facility is fully underwritten by CDB and shall be insured by the China Export & Credit Insurance Corporation. The Loan Facility amount corresponds to approximately 70% of the contract price under the Prospector 1 construction contract with Dalian Shipbuilding Industry Offshore Co., Ltd. (“DSIC Offshore”).
Delivery of Prospector 1 in China from DSIC Offshore is expected to occur in September 2013.
PROS is a high specification jack-up drilling contractor. PROS currently has contracts in place for the design, construction and delivery of six JU2000E high specification, harsh environment (“HS/HE”) jack-up drilling rigs. PROS also has option agreements for the construction of three additional rigs of the same design. Upon deployment of its rigs, PROS, under its proven management team, will have the newest fleet of HS/HE jack-up rigs in the world, operating with the most advanced drilling systems available in the industry.
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Press Release, August 6, 2013