|Long Term Credit Lines
and Interest Bearing Debt
Term Loan ("TLB"), due March 2024
Libor + 600 - 700 basis points
USD 737.9 million
total net leverage ratio not to
exceed 3.25x through December
31, 2022 and 2.75x thereafter**.
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.
|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