Orrick’s Restructuring group led a multi-jurisdictional cross-practice team that advised Petroserv Marine Inc. in the financial restructuring of its $882 million term loan facilities agreement. The restructuring enabled Petroserv to incur an additional $120 million to finance vessel upgrades necessary to meet the requirements under two recently awarded drilling contracts.
Petroserv, a British Virgin Islands registered company with headquarters in Macaé, Brazil provides deep-water offshore oil and gas exploration and drilling services through various of its subsidiaries. The new $120 million financing will be provided on a super senior basis. The financing was implemented by way of an English law scheme of arrangement which also extended the maturity dates of the company’s existing loans beyond the maturity date of the new facility.
The scheme of arrangement was sanctioned by the High Court of England and Wales on June 23, 2022, and the restructuring completed on June 28, 2022.