NEW BOND ISSUE COMPLETED

Oslo, 15th July 2014

Master Marines subsidiary Jackel AS, the owner of the Haven jack up, has completed its refinancing of the company’s  bank debt by issuing the first tranche of Euro 95 million in a 5 year bond loan of up to Euro 190 million. Excess proceeds from this first tranche were used to prepay a portion of shareholder loans. The bond carries a coupon of 7% and is secured by a 1st lien on Haven and the issue of further tranches is subject to a minimum contract backlog.

Management
Master Marine AS