Ince Law Alliance advises Dynamic Offshore Drilling on $205m jack-up rig

Ince & Co Singapore and Incisive Law have advised Cyprus-based Dynamic Offshore Drilling on the vessel financing, construction and delivery of its new $205m (£136m) 350ft (107m) KFELS B-class jack-up rig, Dynamic Vision, built at Keppel Fels Shipyard in Singapore.

The Ince Law Alliance team advised Dynamic Offshore Drilling on its financing arrangements, which involved a private placement, follow-on equity raising and shareholders’ arrangements. The team subsequently advised on the company’s $135m senior loan facilities and a junior loan facility.

In addition, the team assisted in negotiating the construction agreement for the jack-up drilling rig with specialist designer and builder Keppel Offshore & Marine. The team then advised on the delivery of the rig to Dynamic Offshore Drilling’s Singapore-based subsidiary Vision Drilling. The rig was delivered almost two months ahead of schedule on 31 January 2013.

Dynamic Vision is the first newbuild for Vision Drilling. The rig has secured a five-year contract with India’s state-owned Oil & Natural Gas Corporation (ONGC), and the unit is expected to be deployed off the west coast of the India.

Ince & Co partner Martin Brown, who heads the firm’s finance group in Singapore, co-led the team, along with partners John Simpson and Denys Hickey, supported by senior associate Kunal Kapoor. The Incisive Law team was led by joint managing director Bill Ricquier.