Debt Financing

wave imagewave image
Long Term Credit Lines
and Interest Bearing Debt 

Nominal Amount
as of September 30, 2022

Financial Covenants

Term Loan ("TLB"), due March 2024 

Libor + 600 - 700 basis points
(linked to total leverage ratio (“TGLR”))*

USD 737.9 million

Maintenance covenant:
total net leverage ratio not to
exceed 3.25x through December
31, 2022 and 2.75x thereafter**.
Minimum liquidity
shall not be less than $75 million
Japanese Export Credit Financing,
quarterly amortization payments
totalling ~$106 million due next
two years (from September 2020)
are deferred and will be repaid over
four quarters starting December 2022
USD 289.7 million Maintenance Covenants:
Same as for TLB

*If rating below B3/B- (stable outlook) from Moody’s or S&P, respectively, TLB margin 7.50% and RCF margin 6.50%.

**Total Net Leverage Ratio is calculated as debt + leases in the balance sheet - unrestricted cash - restricted cash / (12 month rolling EBITDA - unfunded MultiClient investment). Unfunded MultiClient investment is if prefunding revenue < MultiClient investment.

Credit Rating

Rating agency Date of rating Rating Outlook
Moody’s  November 22, 2022 Caa1 Positive Outlook
S&P May 24, 2022 CCC+ Stable Outlook

For credit rating definitions, please see link for Moody’s

Contact Investor Relations

You are welcome to send us an email or call Bård Stenberg VP IR & Corporate Communications: +47 992 45 235