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Odebrecht Oil & Gas Gets $1.5 Billion Loan For Its Two Deep Sea Drilling Vessels

Published: 09-Oct-2009

Odebrecht Oil & Gas Ltd (Odebrecht Oil & Gas), a unit of Odebrecht S.A., has received a $1.5 billion loan from 12 banks and two export credit agencies for its two deep sea drilling vessels, Dow Jones Newswires reported. Banco Santander, Societe Generale, BNP Paribas, Banco do Brasil, Banco Espirito Santo, HSBC, ING Bank, WestLB, Korean Eximbank and GIEK/Eksportfinansfor have financed the loan.

Odebrecht Oil & Gas will invest a total of $1.7 billion in the two vessels, Norbes VIII and Norbes IX, which will explore oil and gas along with Petroleo Brasileiro S.A (Petrobras) off the East Coast.

Petrobras has secured Odebrecht Oil & Gas' two drillships for a 10-year drilling program. The drillships can operate in water depths of 3,000 meters deep.

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