loan agreement for US$30 million for the Arab Drilling and Workover Company (ADWOC) was signed between ADWOC, the Arab Petroleum Investment Corporation (APICORP), Arab Banking Corporation (ABC) and The Arab Investment Company Offshore Banking Unit (TAIC) at the Ritz-Carlton Hotel in Bahrain. The Arab Drilling and Workover Company - ADWOC is headquartered in Tripoli, Libya. It is one of the major joint Arab companies to be established under the umbrella of the Organization of Arab Petroleum Exporting Countries - OAPEC.
The purpose of the loan is to finance the purchase of a land drilling rig and its associated accessories and equipment from National Oil Wells Company. This loan is among the ground-breaking loans arranged by regional banks in favour of a Libyan company. The purchase of this drilling rig, the second purchased by ADWOC within the last 12 months, reflects the new phase of growth for ADWOC. This growth is fuelled by the ambitious land and sea drilling programmes embarked upon in Libya.
The loan agreement was signed by Mr. Mohammed Attigah - General Manager of ADWOC, Mr. Ahmad Al Nuaimi - General Manager and Chief Executive Officer of APICORP, Mr. Faisal Al-Alwan - General Manager of the Offshore Banking Unit of The Arab Investment Company, and Mr. Nour Nahawi - Senior-Vice President and Head of the Arab World Division at Arab Banking Corporation.