WestLB Closes USD 488 Million Senior Secured Debt Financing for Delba Group

NEW YORK, NY, Jan 22 (MARKET WIRE) --
WestLB Capital Markets Latin America acted as Sole Bookrunner and
Underwriter to provide a USD 488 million senior secured debt financing for the
construction and operation of an ultra-deep water semi-submersible offshore
drilling rig for Delba/Interoil in Brazil. The transaction benefited from the
support of the Inter-American Development Bank in the form of an IDB A/B loan
with
the IDB committing USD 100 million to the transaction.

According to Carla Tully, one of the IDB team leaders, "IDB is pleased to
enter the oil sector with this transaction, particularly given the
considerable developmental benefits to Brazil resulting from the
financing,including the creation of jobs and training under Brazil's PROMINP
program,as well as the opportunity to enhance the competitiveness of one of
Brazil's
growing companies in the sector."

In addition, WestLB also acted as Financial Advisor and Arranger for the
client and placed USD 130 million of financial equity for the project, initially
provided by MPC Capital AG of Hamburg.

"WestLB was able to provide the client with an integrated solution that
encompasses advisory on the equity side, arranging and fully underwriting the
debt
financing, integration of a multilateral institution and an interest rate
hedging program throughout the life of the transaction," said Oliver Langel,
Executive Director in WestLB's Latin America Group. "WestLB was also able to
support the financial equity obligations of MPC by providing an initial
bridge financing on behalf of the client."

The vessel is a Gusto MSC TDS 2500, capable of drilling in water depths of
up to 2740 meters, and will be constructed under a fixed price, turnkey
Engineering, Procurement and Construction Contract with Single Buoy Moorings
Inc. of Switzerland at a shipyard owned by Gulf Piping Company W.L.L. in Abu
Dhabi. The project finance facility is largely secured by seven-year
charter and services contracts between the Project and Petrobras within the
framework of the PROMINP program. The contracts provide for market day rates
and contemplate bonus payments for performance above certain parameters.

According to Thomas Friebel, Head of Loan Syndication Latin America, "WestLB
was
able to successfully syndicate and oversubscribe the IDB B-Loan in a challenging
global credit environment, especially for a sponsor that compared to its
peers, has limited financial strength, but a very strong and solid track record
in the industry."

The transaction was placed with international institutions active in the
marine business, among them Dexia, DVB, KfW, Depfa, Itau BBA, Natixis, Cifi,
Nordkap, and Caterpillar Financial Services.

"WestLB's successful syndication, which has the largest B-Loan in the Oil
and
Gas sector of any IDB financing to date, highlights IDB's catalytic role in
bringing international financial institutions into IDB-financed transactions,"
added
Lori Kerr, the other IDB team leader.

The credit facilities consist of three tranches: a project loan, a
contingency/working capital loan and a mobilization loan. The project loan is
a 10.5-year construction and term loan facility of up to USD 460 million to
finance up to 80 percent of the project costs. The contingency/working capital
facility of up
to USD 12 million will finance a combination of up to 50 percent of
potential construction cost overruns after the contribution of USD 12 million
in contingent equity by the sponsors and initial working capital. The third
tranche is a short-term facility of up to USD 16 million to finance the
mobilization and transportation of the drilling rig from Abu Dhabi to Brazil.

Transaction highlights include:

-- The transaction is structured as an Inter-American Development Bank
A/B loan, the first time the IDB has been active in the oil sector, and
features the largest IDB B-Loan in the Oil and Gas sector to date.

-- The financing consists of a 3.5-year construction phase and a 7-year
operating and amortizing phase.

-- The financing was extremely well received by the market, as evidenced
by its significant oversubscription.

-- WestLB was able to provide an integrated solution to the Sponsor by
arranging the debt as well as the equity portion of the project.

About the Sponsors

The Delba Group has been doing business in Brazil with Petrobras and other
oil
companies for the past 40 years, either through its companies or through
representation of foreign companies. The main companies of the group include
CPDB, a provider of drilling services, Delba Maritima Navegacao, an offshore
support company and Aeroleo, a helicopter company which provides services to
Petrobras and other oil companies in Brazil. Delba has partnered with Interoil,
a
Brazilian group active in the oil and gas sector as well as supporting
industries for the operation and management of the rig.

MPC Muenchmeyer Petersen Capital AG, member of the Muenchmeyer Petersen
Group, has
been active in the maritime financing sector since its inception in 1994 and is
the
market leader in closed-end funds in Germany with Euro 6 billion in equity
placed and more than 260 funds launched. MPC Capital AG is a public company
and is listed in the SDAX.

About WestLB Capital Markets

WestLB develops sophisticated structured solutions through a team of
highlyexperienced investment banking and capital markets professionals. WestLB
has a
long-standing presence in the corporate, structured and asset-backed financing
sectors
supporting clients' needs with capital commitments, advisory services and
innovative
financing solutions. The bank's global relationships, coupled with its unique
understanding of local economies, industries and cultures, help WestLB bankers
consistently deliver high quality advice and service. For more information,
please visit www.westlbmarkets.com.

About WestLB

WestLB AG is one of Germany's leading financial services providers and
offers
the full range of products and services of a universal bank, focusing on
lending, structured finance, capital market and private equity products, private
banking, asset management, transaction services and real estate finance.
WestLB has total assets of EUR 280 billion, as of September 30, 2007. For
more information, please visit www.westlb.com.

In the United States, certain securities, trading, brokerage and advisory
services
are provided by WestLB's wholly owned subsidiary WestLB Securities Inc., a
registered broker-dealer and member of the NASD and SIPC.

(NOTE: 3rd Quarter Earnings Release/as of September 30, 2007 distributed
topublic on December 6, 2007)

Contact:
WestLB AG - Group Communications - Americas
Connie J. Kain
Ph: 212-597-1439
Email Contact

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