Singapore: BW Offshore has announced that it has signed facility documentation for a new 10-year credit facility of $800m for the Cather FPSO project.
The credit facility was substantially oversubscribed by a group of 13 leading international banks and will be used for construction and long term financing.
BW Offshore said the equity ratio covenant in the Catcher facility is 25%, and it has also received consent from all lenders to amend the equity ratio covenant for the remaining bank loans from 30% to 25% in alignment with the Catcher facility.
The FPSO will be outfitted and converted in Singapore and will be capable of processing 60,000 bpd and holding 650,000 barrels upon delivery in the middle of 2017. [06/08/14]