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Conyers advised Odfjell Drilling Ltd (“Odfjell”) on a preference share and warrant issuance to an affiliate of Akastor ASA, subject to the approval of Odfjell’s shareholders. The proceeds of this transaction will assist Odfjell in purchasing the drilling unit formerly called “Stena MidMax” from Samsung Heavy Industries for US$505 million. The drilling unit, which is purposely built for harsh environment areas, will be renamed “Deepsea Nordkapp”.
Odfjell intends to finance the purchase of the drilling unit through the proceeds of a recent US$175 million private placement of common shares, the proceeds of the issuance of the preference shares, and a contemplated US$325 million senior secured term loan facility as well as a seller’s credit from the ship yard of US$48.25 million.
Guy Cooper of Conyers’ Bermuda office advised on the matter.