Bumi Armada Berhad’s subsidiary, Armada Kraken Pte. Ltd., has today secured a syndicated bridge loan facility of USD750 million.
The lenders of the Facility are Oversea-Chinese Banking Corporation Limited, Maybank International Labuan Branch, Sumitomo Mitsui Banking Corporation, Singapore Branch, United Overseas Bank Limited, Export-Import Bank of Malaysia Berhad and Korea Development Bank, Singapore Branch.
The Facility is intended for Armada Kraken to, inter alia, part-finance and reimburse all costs and expenses in relation to the acquisition, conversion, refurbishment, mobilization, transport, hook-up and mooring and installation of the Kraken FPSO together with all ancillary and related works.
Armada Kraken had on 20 December 2013 entered into a Bareboat Charter Contract with EnQuest Heather Limited, EnQuest ENS Limited, First Oil and Gas Limited, Nautical Petroleum Limited and Nautical Petroleum AG (as charterers), for the bareboat charter of a floating production, storage and offloading vessel (FPSO) to be deployed at the Kraken Field located in the UK Sector of the North Sea.
The Facility is intended to be refinanced by long term project financing in due course.
The Facility is not expected to have any effect on the issued and paid-up share capital of Bumi Armada and the substantial shareholders’ shareholdings in Bumi Armada.
Press Release, March 31, 2014; Image: EnQuest