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The Egyptian Drilling Company (EGC) has announced that it has secured a US$250 million syndicated term loan to finance the acquisition of a new offshore jack-up rig.
The loan was secured from eight banks and will enable EDC to purchase the Baker Marine Pacific rig, which is currently under construction at SembCorp’s PPL Shipyard in Singapore.
EDC currently operates 68 rigs both onshore and offshore and provides drilling services in Egypt, Libya, Syria and Saudi Arabia.
EDC is a 50/50 joint venture between the state-owned Egyptian General Petroleum Company and AP Moller – Maersk Group.Â
