Rig Tenders? unit signs $20m loan agreement
Thursday, August 4 2016 - 08:11 AM WIB
By Romel S. Gurky
IDX-listed oil and gas service company PT Rig Tenders Indonesia Tbk announced on Wednesday that on June 30, 2016, its subsidiary PT Batuah Abadi Lines (BAL) signed a term loan agreement worth US$20 milion with three lenders ICICI Bank Limited Singapore Branch, ICICI Bank Limited Singapore Branch, ICICI Bank Limited Singapore Branch.
The loan carries an interest of 3-month-US$ Libor + 3 percent (around 3.7 percent) per year. BAL puts its Duta 7 vessel as collateral for the loan and it will use the funds for dry docking and daily operation.
Rig Tenders owns 95 percent of BAL through Grundtvig Marine Pte Ltd.
Editing by Johannes Simbolon