Odfjell Drilling receives ‘extraordinary’ support with $887 million refinancing

Norwegian deep-water drilling contractor Odfjell Drilling has completed a planned refinancing exercise in which it has secured backing for a total of US$887 million.

The main components of the refinancing were a $390 million bond secured against the semi-submersibles Deepsea Aberdeen and Deepsea Atlantic, and bank facilities of $497 million, including a revolving credit facility of $175 million.

The semisub Deepsea Stavanger. Photo: ODFJELL DRILLING

The other components of the bank facilities were an amended and extended $197 million loan against the semisub Deepsea Nordkapp to January 2029, a $300 million bank facility from existing and new commercial banks against the semisub Deepsea Stavanger, and a $125 million term loan tranche.