[12-April-2021] ATLANTICA TENDER DRILLING LTD. (ATDL) – Notice of default and cash sweep

Bermuda, 12 April 2021 – Reference is made to the press release from 31 December 2020 regarding suspension of bond coupon payments and payments of interest and amortisation under the senior bank facility effective 31 December 2020.

ATDL has been issued with a notice of default under the senior bank facility and a notice of protective cash sweep under the finance documents. The security agent on behalf of the lenders has executed a sweep of funds from ATDL to an account held by the security agent in the amount of USD 28 million. Post the cash sweep, ATDL expects to have approximately USD 7 million in liquidity. The loans under the senior bank facility have not been accelerated, and the lenders have expressed a wish to continue seeking a solution to the financial situation of the group.

The demobilization of BassDrill Beta from the Papa Terra field continues. It is currently expected that the rig will be fully demobilized and off-hire during late June / early July 2021. While ATDL continues to pursue new opportunities for both of its rigs, BassDrill Beta and Atlantica Delta, ATDL expects that both rigs will be off-hire and stacked from early Q3 2021.

For further information, please contact:
Reese McNeel
Atlantica Tender Drilling
+47 415 08 186 Mobile