Bumi Armada secures $1.12bn financing for FPSO project

Bumi Armada secures $1.12bn financing for FPSO project

Bumi Armada has announced that its wholly-owned subsidiary Armada Cabaca, has secured a syndicated facility comprising term loan, standby letter of credit and bank guarantee of $1.12bn.

Bumi Armada said the facility is intended for Armada Cabaca to part-finance its project, reimburse all costs and expenses in relation to the acquisition, conversion, refurbishment, mobilisation, transportation, hook-up, mooring and installation of the FPSO Armada Olombendo, together with all ancillary and related works.

The lenders of the new facility are Credit Industriel et Commercial, Intesa Sanpaolo, KfW IPEX-Bank, The Korea Development Bank, National Bank of Abu Dhabi PJSC, Natixis, Oversea-Chinese Banking Corporation, Societe Generale, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation.

The FPSO is to be chartered to Eni Angola according to a contract entered into by Bumi Armada Offshore Holdings and a joint venture company, Angoil Bumi JV Lda, as a consortium, for the provision of FPSO services for the Block 15/06 East Hub Field Development located offshore Angola.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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