DEEPOCEAN GROUP SECURES A NEW €125 MILLION CREDIT FACILITY

Amsterdam (06/03/2013) The DeepOcean Group today announced it has secured a new €125 million senior credit facility. The agreement consists of a €95 million senior secured revolving credit facility including an ancillary feature for performance guarantees and a €30 million senior secured term loan facility. Both the revolving credit facility and the term loan facility have a three-year maturity extending to February 2016.

 

“We are pleased with the successful completion of this senior credit facility. The new revolver heightens our liquidity position and financial flexibility, further strengthening the Group’s balance sheet and enhancing our ability to invest in selected growth opportunities,” said Frank Eggink, DeepOcean Group CFO.  “This level of commitment from high calibre financial institutions subscribing to this transaction represents a vote of confidence in our operating performance and the financial strength of our company.” All the material subsidiaries in the Group will have access to the funds made available under the facility.

A total of five financial institutions from four countries (ABN AMRO Bank N.V., Barclays Plc, Sparebank 1 SR-Bank ASA, NIBC Bank N.V. and  RB International Finance (USA) LLC participated in the transaction, underscoring the international scope of the DeepOcean Group’s operations.

The facility offers improved pricing and terms, and provides for borrowings in multiple currencies.

 For additional information, please contact

Frank Eggink, Chief Financial Officer,

DeepOcean Group Holding BV

Phone: (+31) 6 4177 3654

 

The DeepOcean Group is an integrated provider of safe, high quality, innovative services and technologies for the subsea industry. Demonstrating an extensive track record, offering a breadth of subsea services including Survey and Seabed-mapping, Subsea Installation, Seabed Intervention, Inspection, Maintenance and Repair, and Decommissioning.

This strong portfolio of services, coupled with a fleet of owned and controlled specialised equipment and multi-purpose support spreads, enables the Group to bundle its subsea services to deliver cost-effective, tailored solutions to meet individual client needs.

Operating within a challenging industry, DeepOcean is committed to protecting the health and safety of all people involved with its activities, and thus achieving a safe and incident free workplace, with high standards of environmental responsibility and pollution prevention.

DeepOcean strives for relentless customer focus and operational excellence, which is supported by a global team of highly professional and experienced project teams. The company delivers innovative engineering solutions and turnkey project management for complex offshore operations.

DeepOcean is an efficient offshore service provider operating in the oil and gas, offshore renewables and electrical power transmission industries, with offices in Norway, United Kingdom, The Netherlands, Brazil, Mexico and Singapore.

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