Skip to content
AidData logo

Overview

China Eximbank contributes $115.9 million USD to a $335.6 million USD syndicated loan to Awilco for its procurement of a semi-submersible offshore drilling platform

Commitments (Constant USD, 2023)$192,575,330
Commitment Year•2007Country of Activity•NorwayDirect Recipient Country of Incorporation•SingaporeSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 1, 2007
End (planned)
Dec 31, 2009
End (actual)
Apr 25, 2012
Last repayment (originally scheduled)
Oct 31, 2018

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

Loading map…

The project provided a loan to WilPromoter Pte. Ltd. (later renamed COSLPromoter Pte. Ltd.), a subsidiary of Awilco Offshore ASA. WilPromoter Pte. Ltd. headquarter is located at 3 Benoi Rd, Singapore 629877 and Awilco Offshore ASA is headquartered in Oslo, Norway. More detailed locational information can be found at: https://www.openstreetmap.org/way/117856474 and https://www.openstreetmap.org/relation/406091.

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Policy Banks

  • Export-Import Bank of China (China Eximbank)

Cofinancing agencies

Private Sector

  • Citibank, N.A.

State-owned Banks

  • Norwegian Export Credit Guarantee Agency (GIEK)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • WilPromoter Pte. Ltd.

Implementing agencies

Private Sector

  • Jutal Offshore Oil Services Limited
  • Norwegian Shipbuilding Supplies Spółka z o.o.

State-owned companies

  • Yantai CIMC Raffles Offshore Ltd

Loan description

2007 China Eximbank contributions to $335.6 million USD syndicated loan for Awilco offshore drilling platform in Norway

Interest rate (t₀)•6.16%Interest type•Variable Interest RateLoan tenor•6-month rateMaturity•10.925 years

Collateral

This loan was secured by the semi-submersible drilling rig, 'WilPromoter' (later renamed 'COSLPromoter').

Narrative

Full Description

Project narrative

In December 2007, a syndicate of three banks — the Export-Import Bank of China, Citibank N.A., and Norwegian Export Credit Guarantee Agency (GIEK) — signed a $335,600,000 USD syndicated loan agreement with WilPromoter Pte. Ltd. (later renamed COSLPromoter Pte. Ltd.) — a Singapore-incorporated special purpose vehicle (SPV) and wholly-owned subsidiary of Norwegian drilling rig owner and Oslo Stock Exchange-listed Awilco Offshore ASA — for its procurement of a semi-submersible offshore drilling platform made by China Yantai Raffles Shipyard Company. This loan carried an interest rate of LIBOR plus a margin of 125 basis points (bps), with the margin to be reduced post-delivery and a final maturity of October 31, 2018 (a maturity period of approximately 10.925 years). This loan was secured by (i.e. collateralized against) the semi-submersible drilling rig, 'WilPromoter' (later renamed 'COSLPromoter'). The loan agreement included a provision for trigger of default if Awilco Offshore was delisted from the Oslo Stock Exchange without the written consent of all lenders, forcing immediate repayment of the loans to the lenders in advance of delisting. China Eximbank contributed $115.9 million USD to the loan syndicate. Initial loan disbursements took place in January 2008. As China Oilfield Services acquired Awilco and moved to delist it from the Oslo Stock Exchange, it was required to obtain consent from the lenders to avoid default. The loan proceeds were to be used by the borrower for the procurement of a semi-submersible offshore drilling platform/rig (known as 'WilPromoter') via financing approximately 85% of the commercial contract with Yantai CIMC Raffles Offshore Ltd for the construction of the platform. The rig had an overall length of 104.5 meters, an overall width of 65 meters, and an overall depth of 36.85 meters. It had a design draught of 9.5 – 17.75 meters and was designed to operate in water depths of 70 – 750 meters. It had a racking capacity of 7,500 meters and a variable load capacity of 4,000 metric tons. It could support accommodation for up to 120 cabin crew. Jutal Offshore Oil Services Limited assisted implementation. Norwegian Shipbuilding Supplies Spółka z o.o. constructed madmodules and decks for sections of the project. Delivery was scheduled for the fourth quarter of 2009, with the rig to work under StatoilHydro at the Troll field for eight years. The rig was delivered on or around April 25, 2012.

Staff comments

1. Prior to its acquisition by China Oilfield Services (COSL) in 2008. Awilco Offshore ASA was a Norwegian drilling rig owner. In November 2008. In 2008, the company operated five jackup rigs and two semi-submersible accommodation rigs, with several others on order. It renamed to COSL Drilling Europe AS.