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Bumi Armada secures $755m long term loan to cover Armada Kraken FPSO project

Bumi Armada unit Armada Kraken has secured an eight-year syndicated term loan facility and a standby letter of credit facility, of a maximum aggregate principal amount of S$755m, it said in a stock market announcement.

The facility is basically to refinance an existing bridge loan from 31 March last year taken for its Armada Kraken FPSO project. The conversion at Keppel Shipyard is due for completion in the third quarter.

The Armada Kraken FPSO will then be chartered to Enquest Heather, Enquest ENS, First Oil and Gas, Nautical Petroleum at the Kraken oil field located in the UK sector of the North Sea.The lenders of the facility are Export-Import Bank of Malaysia, Maybank International’s Labuan branch, National Bank of Abu Dhabi PJSC’s Labuan branch, Oversea-Chinese Banking Corp, RHB Bank’s Singapore Branch, Sumitomo Mitsui Banking Corp and The Bank of Nova Scotia’s Singapore branch.

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