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Bumi Armada secures $750m bridging loan for Kraken project

Steadily putting all its chips in place as it expands rapidly, Malaysian FPSO player Bumi Armada announced that its operating unit for the Kraken project, Armada Kraken Pte Ltd has secured a syndicated bridge loan facility of $750m

The facility is form from various lenders including Oversea-Chinese Banking Corporation, Maybank International Labuan Branch, Sumitomo Mitsui Banking Corporation, Singapore Branch, United Overseas Bank Limited, Export-Import Bank of Malaysia Berhad and Korea Development Bank, Singapore Branch.

The bridging loan will be used to part-finance and reimburse all costs and expenses in relation to the acquisition, conversion, refurbishment, mobilization, transport, hook-up and mooring and installation of the FPSO together with all ancillary and related works required under the Bareboat Charter.

The facility is guaranteed by Bumi Armada and the Facility is intended to be refinanced by long term project financing in due course, said Bumi Armada in a stock market announcement.

Armada Kraken late last year sealed the major North Sea deal for an eight-year contract with options for a further 17 years.

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