BUSINESS

CIB arranges $250 mln loan for drilling co.

14 January 2010 Commercial International Bank, Egypt (CIB) signed a 7-year $250 million syndicated term loan in the name of Egyptian Drilling Company (EDC), to finance the purchase of a new off-shore Baker Marine Pacific jack-up rig.The rig is currently under construction in Singapore by PPL Shipyard, one of the largest rig builders worldwide, and will be delivered by July 2010, according to a sta

January 15, 2010

14 January 2010
Commercial International Bank, Egypt (CIB) signed a 7-year $250 million syndicated term loan in the name of Egyptian Drilling Company (EDC), to finance the purchase of a new off-shore Baker Marine Pacific jack-up rig.

The rig is currently under construction in Singapore by PPL Shipyard, one of the largest rig builders worldwide, and will be delivered by July 2010, according to a statement from the bank.

The syndication was closed on Dec. 23 with a total of eight banks including CIB (acting as a facility agent and account bank): Banque du Caire, National Bank of Greece, Export Development Bank of Egypt, National Societe Generale Bank (NSGB), Credit Agricole Bank of Egypt, Bank of Alexandria and Egyptian Saudi Finance Bank.

EDC's is a regional oil and gas drilling contract operating a fleet of 68 onshore and offshore rigs.

EDC is equally owned by the Egyptian General Petroleum Company (EGPC) and AP Moller - Maersk Group.