Offshore Finance – Important deal 2016
Wholly-owned by the Great Eastern Shipping Company, the Greatship Group started operations in 2006. Today, the company owns a fleet of four jack-up drilling rigs and more than 20 offshore support vessels.
Greatship entered the contract drilling business in 2009 after it took delivery of two Keppel FELS jack-up drilling rigs (Mod V-B design). Two newbuildings from Lamprell (LeTourneau Super 116E design) were added to the fleet in 2013 and 2015. These four units are on charter to Oil and Natural Gas Corp (ONGC) in India and are the most established designs for modern, non-harsh environment jack-ups. They have been enhanced to meet the operating challenges of the Indian continental shelf, and also to drill high-pressure/high-temperature wells.
Having continually banked the offshore business of the Great Eastern Shipping Group for over 15 years, we were invited into the senior secured facility for the refinancing of Greatship’s four modern high-spec jack-up rigs. The client approached us due to our longstanding relationship, and our ability to assess the viability of the project despite the challenges in the offshore sector. The modern assets with long-term ONGC contracts, and Greatship’s financial strength attracted heavy competition. In this transaction we partnered with four more financial institutions, each taking equal stakes.
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