JBIC Co-Financing Brazil Oil Rigs

Japan eximbank JBIC says it will co-finance with the Bank of Tokyo-Mitsubishi UFJ a $497m USD-denominated project finance loan for P&M Drilling International, a company controlled by Petrobras and Mitsui. The loan will finance the ultra-deepwater oil drillship project in Brazilian and overseas coastal waters, JBIC says. It adds that P&M will build and own an ultra-deepwater drilling rig and provide drilling service for 20 years through Transocean Group, the world’s largest deepwater drilling rig operator. JBIC does not say what the loan’s maturity or interest rate is.