Bermuda, 15 July 2021 - Reference is made to the press release from 02 June 2021 regarding the standstill with the Senior Banks under the Senior Bank Facility (the "Standstill") as well as the press releases from 12 April 2021 and 14 April 2021 regarding notice of default and original cash sweep by the Senior Banks under the Senior Bank Facility. 

The buy-out option period for the Bondholders under the Intercreditor Agreement expired on 13 July 2021 without the Bondholders exercising their option. 

ATDL has been notified that the Senior Banks have now taken enforcement action and applied the USD 28 million from the original Cash Sweep of 09 April 2021 against the outstanding Senior Bank Facility in accordance with the Intercreditor Agreement and Senior Bank Facility. The USD 2 million additional cash sweep of 09 June 2021 has not been appropriated at this time and remains in a blocked account subject to the conditions of the Standstill. The Senior Banks had reserved the right to take this enforcement action against the USD 28 million as part of the Standstill, and when now exercising this right have expressed continued support to finding a solution for an orderly liquidation/restructuring of the ATDL group.

ATDL has approximately USD 12 million in available liquidity per today. The "Atlantica Delta" is warm stacked in Las Palmas, Canary Islands, Spain. It is expected that "BassDrill Beta" will be fully demobilized and off-hire under the contracts with Petrobras from early- to mid-August 2021 after which both rigs will be off-hire and stacked. ATDL continues to pursue the sale of both rigs while reducing costs.

ATDL remains in close dialogue with representatives of more than 50 percent of the Bondholders and the Senior Banks. ATDL continues to have a constructive dialogue with both creditor groups and is considering its options for the further way forward. 


For further information, please contact:
Reese McNeel
CFO
Atlantica Tender Drilling Ltd.
+47 415 08 186
reese.mcneel@atlanticatd.com