□ On June 29, Korea Eximbank (www.koreaexim.go.kr, Chairman Yong Hwan Kim) announced that the bank’s support for the extreme deep sea drillship project of Pacific Drilling was selected as the Deal of the Year by Marine Money, a global shipping finance publication.

※ Marine Money, a prestigious global shipping finance journal, recognizes superior financing transactions annually with its award.

□ Korea Eximbank supported Pacific Drilling’s project for four deep sea drillships with USD 450 million in structured finance, which represents 25% of total loans for the project, and had a key role in constituting the project’s international financing package.

○ The contract for the drillships were awarded to Samsung Heavy Industries. The drillship with its cutting-edge technologies is able to drill down to 12,000 meters and operate at a depth of 3,600 meters.

□ According to Marine Money, “Despite decreased shipping finance by global commercial banks due to the global financial crisis, this drillship project was successfully financed thanks to financing negotiations led by Korea Eximbank. This deal is a model example of a public credit agency contributing to a large-scale marine plant export.”

□ An official from Korea Eximbank stated, “Korea Eximbank will actively support high-value added ship orders by providing structured ship financing to domestic and foreign ship owners for greater competiveness of our shipbuilding industry, an important strategic export industry.”

* High-value added ships: mega-container ship, LNG carrier, drill ship, floating production, storage and offloading unit (FPSO), etc.