Today: November 20, 2017, 1:02 pm
  
Business

BW Offshore: Investment by ICBCL in BW Catcher FPSO

PR-Inside.com: 2017-11-14 09:40:02
 
With reference to stock exchange release dated 7 April 2017.
 

BW Offshore Limited (BWO) has today closed an agreement with a nominee of the financial leasing firm, ICBC Financial Leasing Co., Ltd. (ICBCL), whereby such nominee becomes an equity partner in BW Catcher Limited, which owns the BW Catcher FPSO currently under a lease contract with Premier Oil.

The equity investment in the BW Catcher FPSO is the first transaction under the cooperation agreement signed between BWO and ICBCL in April this year.

BW Catcher Limited has issued preference shares with a preferential dividend right to ICBCL, for an aggregate subscription price of USD 275,000,000.

The Company plans to redeem the preference shares in full over an estimated term of 12 years. The aggregate redemption and dividend payments on the preference shares are estimated to reflect approximately 25-30% of the estimated free cash flow after debt servicing in the Catcher contract over a similar term.

The net proceeds from the issue of the preference shares will be used for general corporate purposes.

"We are very pleased to secure this equity participation for the BW Catcher FPSO in cooperation with our strategic partner, ICBCL, and in line with our stated ambition to seek new ways of enabling further growth for the company", said Carl K. Arnet, the CEO of BWO.  "ICBCL is a world-leading financial institution and a strong partner. Together we can deliver cost effective solutions to our clients in the oil and gas sector."


For further information, please contact:

Knut R. Sæthre, CFO, +47 911 17 876

IR@bwoffshore.com or www.bwoffshore.com


About ICBC Financial Leasing Co., Ltd.:

ICBC Financial Leasing Co., Ltd. ("ICBCL") is a wholly owned subsidiary and the only leasing platform of Industrial and Commercial Bank of China, Ltd. ("ICBC"), the largest commercial bank in the world in terms of total asset and net profit. Benefits from the global network of ICBC, ICBCL's business spreads across 40 countries, and has a leading position in China's financial leasing industry, with business focus on aviation, shipping and offshore, and large equipment.


About BW Offshore:

BW Offshore is a leading global provider of floating production services to the oil and gas industry. BW Offshore has a fleet of 15 owned FPSOs and one FSO represented in all major oil & gas regions world-wide. BW Offshore has a long track record on project execution and operations. In more than 30 years of production, BW Offshore has executed 38 FPSO and FSO projects. The company is listed on the Oslo Stock Exchange.


This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.



This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: BW Offshore via Globenewswire




# 660 Words
Related Articles
More From The Author
Hoylu AB: BOND SELECTS HOYLU TO SUPPORT [..]
Malmo, Sweden, November 14, 2017 - Hoylu, a leading enterprise collaboration company announced today that BOND Brothers, Inc. [..]
Kesko's comparable sales grew in October
KESKO PRESS RELEASE 14.11.2017 AT 09.00 1(2)   Kesko's comparable sales grew in October   Kesko Group's sales totalled [..]
Odfjell SE signs Framework Agreement with Sinochem [..]
Odfjell SE ("Odfjell") has signed a Framework Agreement with Sinochem Shipping Singapore Pte. Ltd ("Sinochem") whereby [..]
Ahold Delhaize share buyback update
Zaandam, the Netherlands, November 14, 2017 - Ahold Delhaize has repurchased 317,866 of Ahold Delhaize common shares in the [..]
Limelight Networks Report Reveals Only 21 Percent [..]
Only 21 percent of Southeast Asian consumers feel “extremely confident” that businesses are doing enough to protect them [..]
 
More From Business
JCB Special Offer at Changi's Mystical Garden [..]
SINGAPORE, Nov 17, 2017 - (ACN Newswire) - Changi Airport has teamed up with Sanrio, creators of characters beloved around [..]
Destination EU2018: Lithuania and Singapore Forge New [..]
SINGAPORE / VILNIUS, Nov 15, 2017 - (ACN Newswire) - Invest Lithuania and Singapore FinTech Association today signed a landmark [..]
Hong Leong Finance Chooses Kamakura's Risk Management [..]
Asset and Liability Management, Fund Transfer Pricing, and Liquidity Management SINGAPORE, Nov 14, 2017 - (ACN Newswire) - [..]
Tenant Direct- Letting Agents Southampton
Tenant Direct- Letting Agents Southampton Looking for the help of letting agents in Southampton? When it comes to finding a [..]
Book Theory Test Today - Are you [..]
Book Theory Test Today - Are you looking to book a driving test NI? The time has come for you [..]

Disclaimer: If you have any questions regarding information in this press release please contact the company added in the press release. Please do not contact pr-inside. We will not be able to assist you. PR-inside disclaims the content included in this release.