Vision Drilling has received a US$135mn loan from a syndicate of banks for the construction of a jack-up rig in offshore India.

Lenders include Standard Chartered, DVB Group Merchant Bank and ABN AMRO (Singapore branch). Law firm Watson Farley & Williams (WFW) advised the lenders on the deal.

The Keppel FELS B Class jack-up rig can operate in water depths of 350ft and drill down to 30,000ft. It will be used under a five-year contract with ONGC of India.

Nigel Anton, global head of shipping finance at Standard Chartered says: “We are extremely pleased with the successful outcome of this financing in partnership with other banks and financiers to deliver a comprehensive client solution. This transaction demonstrates our commitment to clients across South and Southeast Asia in the shipping and offshore markets.”

Simon Petch, partner at WFW Asia Practice, adds: “This first rig for the group has been an exciting project and reflects the growth of the offshore oil and gas industry in India”.

Vision Drilling is a wholly-owned subsidiary of Dynamic Offshore Drilling of Singapore.