SBM Completes Loan Deal to Fund Deep Panuke Facility

Dutch oilfield services firm SBM Offshore announced Tuesday that it has completed a $450-million loan deal to fund the Deep Panuke Production Field Centre (PFC) – which it manages off the coast of Nova Scotia, Canada on behalf of EnCana Corporation.

SBM will use the funds from the placement to reimburse both a bridge loan put in place in April 2014 as well as inter-company shareholder loans. The firm said it arranged the new loan in the US private placement market, its second such deal following a private placement deal in October 2012 to fund the FPSO Cidade de Anchieta.

The Deep Panuke project produces and processes natural gas from the Deep Panuke field, approximately 155 miles southeast of Halifax on the Scotian Shelf. Gas from the field is processed offshore and then transported via a subsea pipeline to Goldboro, Nova Scotia to market.

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