CD&P Advises On Seadrill Credit Facility
Bermuda’s international law firm Conyers Dill & Pearman [CD&P] has advised Holland’s multi-national ING Bank and other lenders on the establishment of a senior-secured $1.45 billion credit facility involving, among others, Seadrill Tellus, Seadrill Auriga and Seadrill Vela as joint and several borrowers; Bermuda-based Seadrill as parent and guarantor; and certain banks and financial institutions as lenders, including ING Bank as facility agent, security agent, documentation agent, commercial co-ordinator and commercial bookrunner.
The proceeds from the establishment of the facility will be used to finance the construction and delivery of certain sixth-generation ultra-deepwater drillships. Paul Nystrom and Kathleen Moniz, from Conyers Dill & Pearman’s Bermuda office, advised on the matter.
Seadrill is an offshore drilling company domiciled in Bermuda and managed from Norway by Seadrill Management AS. The company has operations in countries that include Angola, Brunei, the Republic of Congo, Indonesia, Malaysia, Nigeria, Norway, Thailand, Brazil and the United Kingdom among others.
