Libya’s Arab Drilling and Workover Company (ADWOC) has signed an agreement to receive a $30mn loan from Arab Petroleum Investment Corporation (APICORP), Arab Banking Corporation (ABC) and the Arab Investment Company Offshore Banking Unit (TAIC). The three financiers are providing the funding in a club deal and further syndication is not expected, MEES learns. The loan, which has a tenor of six years (margins were not disclosed), will finance the purchase of a land drilling rig and its associated accessories and equipment from National Oil Wells Company. The rig’s purchase, which is the second by ADWOC within the last 12 months, reflects the new phase of growth for the company. It is being fuelled by the ambitious land and sea drilling programs embarked upon in Libya. ADWOC, headquartered in Tripoli, is one of the major joint Arab companies to be established under the umbrella of the Organization of Arab Petroleum Exporting Countries (OAPEC).