Valaris announced that ARO Drilling, its 50\/50 joint venture with Aramco, has secured financing for its first two newbuild jackups, Kingdom 1 and 2. ARO Drilling entered into a $359 million term loan with a syndicate of local Saudi Arabian banks to finance the deliveries, with the proceeds being used to pay the remaining shipyard purchase price for Kingdom 1 and 2 as well as for general corporate purposes. The loan matures in eight years and has a 16-year amortization profile with a 50% balloon payment due at maturity.
Kingdom 1 is expected to be delivered and commence its contract with Aramco in Q4 2023, whereas Kingdom 2 is expected to be delivered and commence its contract with Aramco in Q1 2024. Day rates for the initial eight-year contracts will be determined using a pricing mechanism that targets a six-year payback for construction costs on an EBITDA basis. These initial contracts will be followed by a minimum additional eight-year term and re-priced every three years based on a market pricing mechanism.\uff082023-10-26\uff09<\/p>\n","protected":false},"excerpt":{"rendered":"

Valaris announced that ARO Drilling, its 50\/50 joint venture with Aramco, has secured financing for its first two newbuild jackups, Kingdom 1 and 2. ARO Drilling entered into a $359 million term loan with a syndicate of local Saudi Arabian banks to finance the deliveries, with the proceeds being used to pay the remaining shipyard …<\/p>\n

Valaris secures financing for pair of newbuild jackups in joint venture with Aramco<\/span> \u66f4\u591a \u00bb<\/a><\/p>\n","protected":false},"":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":""},"categories":[40],"tags":[],"_links":{"self":[{"href":"https:\/\/www.oktcz.com\/en\/wp-json\/wp\/v2\/posts\/7355"}],"collection":[{"href":"https:\/\/www.oktcz.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oktcz.com\/en\/wp-json\/wp\/v2\/types\/post"}],"":[{"embeddable":true,"href":"https:\/\/www.oktcz.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oktcz.com\/en\/wp-json\/wp\/v2\/comments?post=7355"}],"version-history":[{"count":1,"href":"https:\/\/www.oktcz.com\/en\/wp-json\/wp\/v2\/posts\/7355\/revisions"}],"predecessor-version":[{"id":7356,"href":"https:\/\/www.oktcz.com\/en\/wp-json\/wp\/v2\/posts\/7355\/revisions\/7356"}],"wp:attachment":[{"href":"https:\/\/www.oktcz.com\/en\/wp-json\/wp\/v2\/media?parent=7355"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oktcz.com\/en\/wp-json\/wp\/v2\/categories?post=7355"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oktcz.com\/en\/wp-json\/wp\/v2\/tags?post=7355"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}