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 is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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