Sweden: Floatel – New Bond Issue for New Build Program

Floatel International Ltd is contemplating the issuance of up to a USD 200 million equivalent bond issue in the Norwegian bond market. The proceeds from the bond issue will be used to finance the Company’s new build program for accommodation vessels at Keppel FELS Limited, Singapore.

Floatel International has further agreed an indicative term sheet for a new bank loan of USD 200 million regarding its new build vessel Floatel Victory.

The Company is increasing its fleet by building a third vessel, the harsh environment semi submersible Floatel Victory, which is currently under construction and is due for delivery in early 2014. The Company’s fourth vessel is scheduled for delivery in July 2014.

The new financing arrangements will further strengthen Floatel International as a leading provider of new building accommodation vessels to the offshore oil and gas industry. “We continue to build quality in the Company’s fleet of next generation semi submersible vessels and operational team to meet the high standards required by our clients”, comments CEO Peter Jacobsson in Floatel International.

[mappress]

Source: Floatel, May 7, 2012