Fred Olsen gains newbuild kitty

Norway’s Fred Olsen Energy has agreed a fresh financing facility worth up to $2 billion that the company said would “fully finance” its newbuild ultra-deepwater semi-submersible rig Bollsta Dolphin.

The drilling contractor said that the new six-year bank credit facility would also be used to repay an existing bank loan as well as general corporate purposes.

The facility is being offered by a group of international banks and GIEK/Eksportkreditt; with Nordea, ING, ABN Amro, Danske Bank, DNB, Handelsbanken, SEB and Swedbank as mandated lead arrangers.

Earlier this year, the company revealed that the delivery date for the Bollsta Dolphin had slipped by two quarters from the initial timeline to the third quarter of 2015.

The semisub is bound for the West of Shetland region off the UK, where it will start a five-year charter with US supermajor Chevron in the fourth quarter of next year at a dayrate of $560,000.

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