Deep Value Driller AS (the "Company") is pleased to announce that it has secured a USD 10 million senior secured credit facility with a Norwegian bank (the "Loan").
The net proceeds from the Loan will be used to keep the Company's 7th generation mobile offshore drilling vessel (the "Rig") warm stacked at Westcon Yard in Ølensvåg in an improving market while being ready to commence activation of the Rig upon contract.
The Loan has been guaranteed by certain of the Company's large shareholders against compensation on market terms.
The Loan will be secured by 1st priority pledge in the Rig and will carry an interest on market terms. The Loan will mature 12 months from the utilization date.
The Company is also working on a credit facility to cover reactivation cost to make the Rig ready to drill upon contract.
Contacts
Svend Anton Maier, CEO
+47 41 42 71 29
sam@deepvaluedriller.no
About Deep Value Driller
Deep Value Driller AS is a drillship-owning company which has acquired the high specification UDW 7th generation drillship "Deep Value Driller", built in 2014. The Company's strategy is to secure contracts for its drillship with top-tier drilling contractors worldwide. As part of its strategy, the Company has an ambition to create and maximise value for its customers and investors, while at the same time ensuring safe and sustainable operation of its drillship. For further information, visit www.deepvaluedriller.no.
Disclosure regulation
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. The information was submitted for publication by CEO Svend Anton Maier on 20 May 2022 at 16:12 CEST.