The Inter-American Development Bank announced today the approval of a US$488 million financing to Delba Drilling International Cooperatie U.A., to support the construction and operation of a semi-submersible offshore mobile oil-drilling vessel to be located off the shore of Brazil.
The IDB financing will include an “A-loan” of up to US$110 million from the Bank’s ordinary capital and a syndicated “B-loan” of approximately US$378 million, consisting of resources from financial institutions that subscribe participation agreements with the IDB. West LB is arranging the B-loan.
The sponsors of the project will be Delba Perfuradora Internacional S.A., part of the Brazilian Delba Group, which has a long established track record of providing drilling services in Brazil, and a special purpose fund to be established by MPC Capital AG, Germany’s leading non-bank issuing house, to provide equity to the project.
The owner of the vessel and borrower of the IDB loan will be Delba Drilling International Cooperatie U.A., a Dutch limited liability cooperative. After construction completion, the vessel will be chartered to Petróleo Brasileiro S.A. – Petrobras. Commercial operation of the vessel is scheduled for August 2010.
“IDB participation in the project will contribute to further develop Brazil’s offshore oil and gas exploration industry,” said one of the IDB team leaders, Carla Tully. “IDB participation in the project will not only contribute necessary capital, it will also catalyze commercial banks and other financial institutions to participate in the financing under the B-loan,” added Lori Kerr, the other team leader.