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Conyers advises ING Bank N.V. on US$1.45 billion Seadrill Group financing

May 2013

In March 2013, Conyers Dill & Pearman advised ING Bank N.V. and other banks and lenders in relation to the establishment of a senior secured US$1.45 billion credit facility involving, among others, (i) Seadrill Tellus Ltd., Seadrill Auriga Ltd. and Seadrill Vela Ltd., as joint and several borrowers; (ii) Seadrill Limited, as parent and guarantor; and (iii) certain banks and financial institutions as lenders, including ING Bank N.V. as facility agent, security agent, documentation agent, commercial coordinator and commercial bookrunner.

The proceeds from the establishment of such facility will be used to finance the construction and delivery of certain sixth generation ultra-deepwater drillships.

Conyers’ Paul Nystrom and Kathleen Moniz, from the Firm’s Bermuda office, advised on the matter.

 

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