Apexindo gets loan to finance oil rig
Wednesday, September 27 2006 - 01:23 AM WIB
The company said in a statement that the 10-year loan has an interest rate of 2.15 percentage points above the London inter-bank rate (Libor) for the portion of the loan that will be repaid before the loan matures without stating the portion size.
The remaining portion has a fixed rate of 10.5 percent a year.
This credit facility is a syndication credit facility led by Natexis Banques Populaires, as agent, security trustee and book runner with Goldman Sachs LLC, PMA Investment Advisors and Standard Chartered Bank as Joint Mandated Lead Arrangers, and United Overseas Bank Ltd. as Lead Arranger.
The rig Soehanah has already secured a 3-year contract worth $170 million for the development of Total?s Sisi and Nubi gas fields in Mahakam PSC, East Kalimantan starting first quarter of next year.
Construction is 80 percent complete, with a test launch in Singapore waters Tuesday, a separate statement said adding the rig will leave the shipyard for Indonesia in January.
It can operate in waters 375 feet deep, drill as deep as 30,000 feet and accommodate 120 men, it said.
Apexindo currently owns and operates nine onshore drilling rigs, and four swamp barges contracted by the Indonesian unit of Total SA. It also operates one jack-up rig in the Middle East for Norway's Statoil ASA. (denny)