{"id":7355,"date":"2023-10-26T05:46:00","date_gmt":"2023-10-25T21:46:00","guid":{"rendered":"http:\/\/www.classic-ap.com\/?p=7355"},"modified":"2023-10-28T17:59:32","modified_gmt":"2023-10-28T09:59:32","slug":"valaris-secures-financing-for-pair-of-newbuild-jackups-in-joint-venture-with-aramco","status":"publish","type":"post","link":"https:\/\/www.classic-ap.com\/en\/industry-news-en\/valaris-secures-financing-for-pair-of-newbuild-jackups-in-joint-venture-with-aramco.html","title":{"rendered":"Valaris secures financing for pair of newbuild jackups in joint venture with Aramco"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"577\" src=\"https:\/\/www.classic-ap.com\/wp-content\/uploads\/2023\/08\/01-2-1024x577.jpeg\" alt=\"\" class=\"wp-image-6059\" srcset=\"https:\/\/www.classic-ap.com\/wp-content\/uploads\/2023\/08\/01-2-1024x577.jpeg 1024w, https:\/\/www.classic-ap.com\/wp-content\/uploads\/2023\/08\/01-2-300x169.jpeg 300w, https:\/\/www.classic-ap.com\/wp-content\/uploads\/2023\/08\/01-2-768x433.jpeg 768w, https:\/\/www.classic-ap.com\/wp-content\/uploads\/2023\/08\/01-2-600x338.jpeg 600w, https:\/\/www.classic-ap.com\/wp-content\/uploads\/2023\/08\/01-2.jpeg 1200w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Valaris announced that ARO Drilling, its 50\/50 joint venture with Aramco, has secured financing for its first two newbuild jackups, Kingdom 1 and 2. ARO Drilling entered into a $359 million term loan with a syndicate of local Saudi Arabian banks to finance the deliveries, with the proceeds being used to pay the remaining shipyard purchase price for Kingdom 1 and 2 as well as for general corporate purposes. The loan matures in eight years and has a 16-year amortization profile with a 50% balloon payment due at maturity.<br>Kingdom 1 is expected to be delivered and commence its contract with Aramco in Q4 2023, whereas Kingdom 2 is expected to be delivered and commence its contract with Aramco in Q1 2024. Day rates for the initial eight-year contracts will be determined using a pricing mechanism that targets a six-year payback for construction costs on an EBITDA basis. These initial contracts will be followed by a minimum additional eight-year term and re-priced every three years based on a market pricing mechanism.\uff082023-10-26\uff09<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Valaris announced that ARO Drilling, its 50\/50 joint venture with Aramco, has secured financing for its first two newbuild jackups, Kingdom 1 and 2. ARO Drilling entered into a $359 million term loan with a syndicate of local Saudi Arabian banks to finance the deliveries, with the proceeds being used to pay the remaining shipyard [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[40],"tags":[],"class_list":["post-7355","post","type-post","status-publish","format-standard","hentry","category-industry-news-en"],"_links":{"self":[{"href":"https:\/\/www.classic-ap.com\/en\/wp-json\/wp\/v2\/posts\/7355","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.classic-ap.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.classic-ap.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.classic-ap.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.classic-ap.com\/en\/wp-json\/wp\/v2\/comments?post=7355"}],"version-history":[{"count":1,"href":"https:\/\/www.classic-ap.com\/en\/wp-json\/wp\/v2\/posts\/7355\/revisions"}],"predecessor-version":[{"id":7356,"href":"https:\/\/www.classic-ap.com\/en\/wp-json\/wp\/v2\/posts\/7355\/revisions\/7356"}],"wp:attachment":[{"href":"https:\/\/www.classic-ap.com\/en\/wp-json\/wp\/v2\/media?parent=7355"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.classic-ap.com\/en\/wp-json\/wp\/v2\/categories?post=7355"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.classic-ap.com\/en\/wp-json\/wp\/v2\/tags?post=7355"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}