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 facility is a combined construction and long term financing facility. 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.
Singapore and Oslo headquartered BW Offshore is a leading global provider of floating production services to the oil and gas industry. 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. The largest owner of BW Offshore is BW Group Limited with 49,3% of the shares.