SeABank in a USD 158.7 million syndicated loan deal for project of PV Drilling Overseas

“400 feet of water self-elevating drilling rig PV Drilling VI” project will be built in Singapore by Keppel Fels with total investment of USD 226.7 million in order to provide multi-functional self-elevating drilling rig opration and management service meeting local and international market demands. PV Drilling VI drilling rig has a sea depth of 400 feet, combined drilling load of 2,500 kips and is designed under CAP 437 standards to receive Sikorsky S61N, S92, EC-225 Super Puma aircraft, especially Mi-17 aircraft, which is being used a lot in Vietnam. As expected, the project will be put into operation in early March 2015.

Madame Nguyen Thi Nga - Chairman of SeABank, speech at the singing ceremony

PV Drilling Overseas is a joint venture between PetroVietnam Drilling and Well Services Joint Stock Corp (PV Drilling) and Falcon Energy Group Limited (FEG) to invest and operate the oil and gas drilling rig in order to concretise Vietnam National Oil and Gas Group (PetroVietnam-PVN)’s offshore oil and gas operation development strategy. The joint venture will buy oil and gas drilling rig that is being built to exploit and develop the multi-purpose self-elevating drilling rig fleet for petroleum contractors in Southeast Asia, the Gulf of Mexico and the Middle East.

Ms Le Thu Thuy - Standing Vice Chairmen of SeABank signing contract with the representatives of PVD, Vietcombank and Eximbank

The co-financing made by SeABank along with Vietcombank and Eximbank for PV Drilling Oveseas’ project shows strong support of banks for firms in oil & gas industry – the national key industry. Thanks to experience, reputation and financial capability of Vietcombank,  Eximbank and SeABank as well as PV Drilling, the project is expected to complete in accordance with the schedule, bring about new development to the involved parties and give significant contribution to the development of the country.

Before the signing ceremony of “400 feet of water self-elevating drilling rig PV Drilling VI” project of PV Drilling Overseas, SeABank has implemented many important cooperation activities with enterprises in oil & gas industry such as comprehensive cooperation with PVI Holdings, credit financing for projects of PVEP, PV Gas. Especially, PV Gas is not only a big customer but also a domestic strategic shareholder of SeABank with various cooperation activities.