BW Offshore Secures USD 800 Mln Loan

BW Offshore Secures USD 800 Mln Loan

BW Offshore has signed the facility documentation for the new USD 800 million ten year senior secured credit facility for the Catcher FPSO project, the company said in a press release.

The loan is a combined construction and long term financing facility. According to BW Offshore, the credit facility was substantially oversubscribed by a group of 13 leading international banks.

“The Equity Ratio covenant (equity to total assets) in the Catcher facility is 25%, in line with BW Offshore’s three bond loans. BW Offshore has also received consent from all lenders to amend the Equity Ratio covenant for the remaining bank loans from 30% to 25% in alignment with the Catcher facility. The other main covenants remain unchanged,” the company’s release read.

BW Offshoresigned the contract with Premier Oil for a FPSO to operate on the Catcher oil field in the UK North Sea in May this year. The field is owned by Premier Oil (50%, operator), Cairn Energy (30%) and MOL (20%).

BW Offshore is the world’s second largest contractor with a fleet of 14 FPSOs and 1 FSO represented in all major oil regions world-wide. The company also operates additional 2 FPSOs.

In more than 30 years of operation, BW Offshore has executed 38 FPSO and FSO projects.

Press Release, August 5, 2014