Egyptian Drilling Company (EDC) has completed a $250m seven-year loan with a group of eight banks.

The banks involved in the deal included the local National Societe Generale Bank, Credit Agricole Bank of Egypt, Bank of Alexandria, Export Development Bank of Egypt, Egyptian Saudi Finance Bank, and National Bank of Greece.

The deal will be use to finance the purchase of an off-shore oil rig. The rig is the Baker Marine Pacific rig, which is currently under construction by Singapore’s Sembcorp in a shipyard in Singapore.