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WestLB to back Grupo R deepwater rig construction

Tuesday, Sep 16, 2008

German bank WestLB has acted as joint mandated lead arranger and co-bookrunner with BBVA Bancomer to close a US$584mn senior secured loan for Mexican conglomerate Grupo R to back construction of a drilling rig.

Grupo R will operate La Muralla III, deepwater semi-submersible platform which Daewoo Shipbuilding and Marine Engineering will construct, WestLB said in a statement.

The rig is due to be delivered in August 2010 and is designed to operate at a water depth of 3,048m and drill up to 10,668m.

Grupo R, through its offshore drilling company Industrial Perforadora de Campeche, will charter La Muralla III to Mexican state oil company Pemex's E&P subsidiary PEP under a long term contract.

The financing supports Mexico's first ultra-deepwater exploration platform and will help develop the country's deepwater oil reserves, according to WestLB's energy group executive director Claus Hertel.



Source: Bnamericas

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