BW Offshore Receives $1.5 Billion Refinancing
The board of BW Offshore Limited has accepted a USD 1.5 billion refinancing offer. BW Offshore Limited has received an unconditional committed offer from BW Group Limited, its majority-shareholder, for a five-year USD 1.5 billion unsecured revolving credit facility.
The unsecured facility will be used to refinance BW Offshore's current credit facilities and to fund new Floating Production, Storage and Offloading (FPSO) projects. The refinancing has been carried out on an arm's length basis. The five independent Directors of BW Offshore Limited have concluded that the terms and conditions are favourable to BW Offshore Limited and are competitive compared to offers received from third party lenders.
"This is a clear vote of confidence from our majority owner and is evidence of its commitment to BW Offshore. The terms of the facility are very attractive and have not been unduly affected by the challenges in the financing environment. The offshore sector is set to grow in coming years and this refinancing gives BW Offshore additional flexibility as well as addressing our near-term funding needs," says Svein Moxnes Harfjeld, CEO of BW Offshore.
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