Woodside Takes Norwegian Export Loan to Finance Subsea Equipment

OneSubsea is preparing to deliver subsea technology for the Woodside’s Greater Enfield development, worth more than NOK 1 billion, supported by export financing from Export Credit Norway, GIEK and DNB.

OneSubsea will supply a subsea production system and a dual multiphase boosting system for the Greater Enfield project, located offshore northwest Australia.

The contract was signed July 2016, and the equipment is scheduled for delivery in the first half of 2018.

To finance the purchase, Woodside has taken up a USD 100 million loan from Export Credit Norway, guaranteed by GIEK (90%) and DnB (10%).

“This agreement is a good example of how Norwegian exporters can benefit from the Norwegian export financing scheme,” said Olav Einar Rygg, director ocean industries at Export Credit Norway.

“Good cooperation between commercial banks and the export credit scheme is important to us. We are very pleased that our collaboration with DnB on this transaction has been so productive, not only facilitating the financing solution but also enabling us to build a relationship with Woodside. We look forward to working together on further agreements of this kind in future,” said GIEK CEO Wenche Nistad.

The Greater Enfield project will develop the Laverda Canyon, Norton over Laverda (WA-59-L) and Cimatti (WA-28-L) oil accumulations. These reserves will be produced via a 31 km subsea tie-back to the Ngujima-Yin floating production storage and offloading (FPSO) facility, located over the Vincent oil field.

The Greater Enfield requires development of six subsea production wells and six water injection wells. Production will be supported by subsea multiphase booster pumps in the Laverda area and gas lift in the Cimatti area.

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