Beal Bank is pleased to announce that it has provided committed financing of $275,000,000 to acquire the 7th Generation Drillship Draco as an upsize to its existing loan, originated in February 2024, to Eldorado Drilling of Oslo, Norway.
Farzin Dinyarian, head of Oil & Gas for Beal Bank's wholly-owned commercial lending subsidiary CSG Investments, Inc., said, "Beal Bank is excited to continue its relationship with Eldorado Drilling, a premier ultra-deepwater drillship company. The Draco is needed to support offshore drilling needs in the future. Beal Bank's originating subsidiary, CSG, is proud to support Eldorado and offshore drilling companies."
Andy Longhurst, head of Shipping for CSG Investments, Inc., adds, "Adding the Draco to their fleet of drillships sets Eldorado up to be a major player in the offshore drilling space for years to come. This facility is another example of CSG's willingness to originate into maritime industries that traditional maritime lenders no longer consider mainstream and CSG is delighted to continue to assist Eldorado."
Rune Magnus Lundetræ, Chief Financial Officer of Eldorado, said, "We have a good lending relationship with CSG, adding a second rig to our financing was an easy and logical decision. We are hopeful we can continue to find ways to do further business with Farzin, Andy and the CSG team."
Beal Bank has demonstrated a commitment to the oil and gas industry (upstream, oil field services, offshore drilling) and the shipping industry (containerships, tankers, offshore drilling). Beal Bank continues to provide capital to companies supporting world oil & gas production.
