In a statement the Nasdaq-quoted offshore contractor says the $475m facility is secured by the Ocean Rig Apollo, which is due for delivery this month.

“The facility amount is for the lesser of $475m and 70% of the fair market value of the drillship,” the company continued.

“This facility has a five-year term, and approximate 12-year repayment profile, and bears interest at LIBOR plus a margin.”

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