Commentary & Deal Flow

In the Nordic market Shelf Drilling (North Sea) Ltd has, through its subsidiary Shelf Drilling (North Sea) Holdings Ltd (SHLFNS) mandated DNB as sole gloco/Arctic/Clarksons jt books, to arrange a series of fixed income investors meetings commencing today. A 4.5-year NC2 sr secured 1st lien bond issue of USD300m may follow, subject to inter alia prevailing market conditions. UOP: refinance the outstanding US$243.75m 10.25% sr secured notes due 10/21/25 (callable at 101.50), fund the previously disclosed $50m short-term liquidity requirement, and GCP. Biz: SHLFNS, part of the Shelf Drilling Group (SHLFDI), is a shallow water offshore drilling contractor, primarily in the North Sea, providing equipment and services for the drilling, completion, maintenance and decommissioning of oil and natural gas wells. HQ: Dubai, UAE.