BW Offshore has completed an implementation of a financing plan and established a long-term financial platform after receiving the required approvals from all bondholders and lending banks.
In May when BW Offshore announced the plan it said that it was expected to improve liquidity by more than $500m by 2020.
The plan comprises a big equity injection, amortisation reliefs and maturity extensions for both its bank loan facilities and bonds, which BW Offshore hopes will give it a firm financial platform until crude prices recover.
The financial platform will reduce its total debt and capital expenditure commitments by $1.3bn between 2016 and 2020, when it aims to have reduced its total debt to around $1bn.
