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.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- FID For $13.2B Louisiana LNG Project
- UK Slaps 25 Percent Windfall Tax on Oil and Gas Profits
- African LNG Projects To Look Out For
- Most UKCS Operators Paying Invoices Promptly
- Equinor Submits Plan For Halten East Subsea Developments
- Bankrupt Sri Lanka Still Seeking More Oil and Fuel Imports
- Shell Completes Sale of Russian Assets to Lukoil
- Saudi Arabia Making $1B From Oil Exports Every Day
- EU Plan To Escape Russian Fossil Fuels May Fall Short Of Objectives
- EU Forms Task Force To Support Departure From Russian Fossil Fuels
- Oil Inventories Down to Dangerously Low Point
- USA Fuelmakers Shifting Into Higher Gear
- ExxonMobil Selling Shale Assets for $750MM
- Shots Fired During Tanker Loading
- NPD Grants Slew of Drilling Permits
- World's Oil Growth Engine Is About to Slow
- BlackRock Told Texas It Will Still Invest In Oil And Gas
- Saudi Arabia Says It Has Done All It Can for the Oil Market
- Ruble Hits 5-Year High as Gas Buyers Bend to Putin Demand
- DOI Provides Offshore Leasing Program Update
- Russian Oil Producers Start Using Tankers the World Did Not Want
- ADNOC Announces 650MM Barrel Oil Find
- Finland Loses Main Gas Supply
- This Is Where the Oil Price Would Be Without the War
- Ban on Excessive Gasoline Prices Heading for Vote
- Oil and Gas Discovery Confirmed at Hamlet
- Oil Inventories Down to Dangerously Low Point
- Top Headlines: Be Prepared to Pay More at the Pump from June
- Gas Prices Could Rocket in the Near Term
- USA Fuelmakers Shifting Into Higher Gear