Offshore drilling firm Songa says it has secured the conditions needed to go ahead with its $400million refinancing deal.
Bondholders and licence partners Statoil, along with the North Atlantic-focused firm’s bankers, have agreed amendments to the company’s charter contracts for its category D rigs, bond wavers and banking facilities.
Now the refinancing scheme, which comes after the company admitted earlier this year it faced selling off assets to pay for the Cat D rigs being built, will go before an extraordinary general meeting for approval later this week.