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BW Offshore bags $800m FPSO bank loan

FPSO outfit BW Offshore has signed a 10-year, $800m secured bank loan for its Catcher FPSO project.

The facility, which was oversubscribed by 13 international banks, will be used for construction and longterm financing.

BW Offshore was awarded the Catcher FPSO project in the North Sea by Premier Oil in May 2014. The contract involves a seven year charter of the FPSO with extensions up to 18 years and will be worth $2.3bn based on a field life of 10 years.

The FPSO will be outfitted and converted in Singapore using a Japanese-built hull and on completion will be capable of processing 60,000 bpd and holding 650,000 barrels. The unit is expected to be delivered in mid-2017.

Posted 05 August 2014

© Copyright 2019 Seatrade (UBM (UK) Ltd). Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Seatrade.

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