[30-June-2020] ATLANTICA TENDER DRILLING LTD. (ATDL) – Financing and Operations Update

Bermuda, 30 June 2020 – Atlantica Delta is in the process of demobilization from Total’s Moho Nord TLP offshore Congo (Brazzaville). The demobilization process has been extended due to the impact of travel restrictions and other measures resulting from the COVID-19 pandemic. It is now expected that the rig will be fully demobilized and off-hire from early to mid-August 2020. At this time, the company intends to reposition the Delta for stacking until a new opportunity can be secured.

BassDrill Beta operations are currently suspended, and the rig remains on location at Petrobras’s Papa Terra TLP offshore Brazil. The Beta remains on a long-term standby rate with Petrobras. We await further instructions from Petrobras when drilling is to resume.

Following the end of the Delta contract with Total and unprecedented situation involving the global COVID 19 pandemic, ATDL suspended bond coupon payments and the payments of interest and amortisation under the senior bank facility in March 2020. While formal standstill arrangements with the bondholders and senior lenders have expired, ATDL remains in dialogue with its financial creditors regarding the way forward and is hopeful that a positive resolution can be found in the near future.

For further information, please contact:

Reese McNeel
CFO
Atlantica Tender Drilling Ltd.
+47 415 08 186
reese.mcneel@atlanticatd.com



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