Songa on Financing Semi-Submersible Rig Trio
Aiswarya Lakshmi
Friday, June 5, 2015
Songa Offshore SE announced that the maturity of the fleet financing of Songa Dee, Songa Delta and Songa Trym has been extended from fourth quarter 2016 to first quarter 2018 when it will mature with a balloon of USD 25 million.
The amendment also includes alignment of certain financial covenant with the rest of the Company`s financing arrangements and an extraordinary upfront repayment of USD 35 million.
In parallel, the Company has entered into a term sheet for a new credit facility from the main shareholder, Perestroika AS, of USD 50 million. The new credit facility has maturity in April 2021, but can be called by Perestroika AS in June 2018. It is unsecured and bears an interest rate of LIBOR plus 8.00%.
Meanwhile, the company has informed that Songa Trym, Songa Dee and Songa Delta achieved an operational efficiency of 100% and an earnings efficiency of 98% for the month working for Statoil in Norway.
Recently, Songa reported a total revenue for the first quarter 2015 of USD 108.3 million and EBITDA of USD 53.6 million.
"We are very satisfied to see that our existing fleet again delivers safe operations, reduced operating cost and 100% operational uptime in the quarter. The Company's main focus continues to be the delivery and the mobilization of the four Cat D rigs to the Norwegian Continental Shelf, where they each will commence their eight-year contracts with Statoil," says a press statement.