A host of banks and export credit agencies (ECAs) have financed a North Sea oil rig for Odfjell Drilling.

A post-export financing package of US$530mn has been co-ordinated by DNB Bank, who acted as mandated lead arranger (MLA), facility agent, bookrunner and lender. Danske Bank, Nordea and Swedbank also acted as MLA, with Eksportkreditt Norge and Kexim entering the deal as ECA lenders.

GTR understands that the finance has a seven-year tenor (from the delivery date of May 2014) and will be used to purchase the Deepsea Aberdeen semi-submersible drilling rig, which will be constructed by South Korean manufacturer DSME.

It will operate in the Schiehallion and Loyal oilfields to the west of the Shetland Islands, Scotland.