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Norway's Sevan Marine secures $1 billion in financing for two deepwater drilling rigs

Published Oct 29, 2008
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Despite tough conditions in the world’s financial markets, Norway’s Sevan Marine has secured funding worth US $1 Bn for construction of its two new deepwater drilling rigs.

Two financial institutions have signed a mandate with Sevan Marine’s wholly-owned subsidiary Sevan Driller to provide 70% of the build costs for the new rigs, Sevan Driller II and Sevan Driller III, which have been contracted by Brazil’s Petrobras and India’s ONGC.