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BW Offshore: BW Offshore successfully completed USD 800 million bank loan

2014-08-05 07:30:00
Ticker Giełda ISIC Kraj Miasto
BWO XOSL Norway Oslo






BW Offshore has signed the facility documentation for the new USD 800 million

ten year senior secured credit facility for the Catcher FPSO project. The

facility is a combined construction and long term financing facility. The credit

facility was substantially oversubscribed by a group of 13 leading international

banks.



The Equity Ratio covenant (equity to total assets) in the Catcher facility is

25%, in line with BW Offshore's three bond loans. BW Offshore 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 other

main covenants remain unchanged.







For further information, please contact:



Knut R. S?thre, CFO, +47 9111 7876



Kristian Flaten, Vice President IR and Corporate Finance, +47 9509 2322











About BW Offshore:



BW Offshore is a leading global provider of floating production services to the

oil and gas industry. BW Offshore is the world's second largest contractor with

a fleet of 14 FPSOs and 1 FSO represented in all major oil regions world-wide.

The company also operates additional 2 FPSOs. BW Offshore has a long track

record on project execution and operations, as well as a robust balance sheet

and strong financial capabilities. In more than 30 years of operation, BW

Offshore has executed 38 FPSO and FSO projects. The company is listed on the

Oslo Stock Exchange. Further information is also available on www.bwoffshore.com







This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.









This announcement is distributed by GlobeNewswire on behalf of

GlobeNewswire clients. The owner of this announcement warrants that:

(i) the releases contained herein are protected by copyright and

other applicable laws; and

(ii) they are solely responsible for the content, accuracy and

originality of the information contained therein.



Source: BW Offshore via GlobeNewswire

[HUG#1846472]





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