Oman-based Dalma Energy has received a US$77.5mn loan from Bank Sohar and Qatar National Bank for the acquisition of oil rigs from China.

The financing package, composed of term loan facilities and custom bond guarantee facilities, will be used to purchase three rigs from Kerui Petroleum Equipment, to be installed on a Saudi Aramco drilling project in Oman.

Bank Sohar acted as facility agent, onshore account bank, onshore security agent as well as custom bond guarantee bank. Dentons advised both lenders on the transaction.

Bank Sohar acting CEO Rashad Ali Al Musafir says: “As a proud Omani bank, we are pleased to finance such a significant project. The syndication reinforces our capabilities and commitment to continually collaborate with local and international corporates towards supporting key strategic projects that contribute towards Oman’s economic growth and prosperity.”

Dalma Energy is one of the largest operators of drilling rigs in Oman, with business interests in Saudi Arabia and Algeria. The company currently operates 19 land rigs in Oman.