ICBC Invests in BW Offshore’s Catcher FPSO

Image Courtesy: BW Offshore

Operator of FPSO units BW Offshore has closed a contract with a nominee of the financial leasing firm ICBC Financial Leasing through which the nominee becomes an equity partner in the BW Catcher FPSO.

The equity investment, undertaken through the subscription of preference shares, is the first transaction under a cooperation agreement signed between the parties in April 2017.

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

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,” Carl K. Arnet, the CEO of BWO, said.

The FPSO, a USD 1.2 billion investment, will operate on the Catcher field in the UK North Sea with start-up towards the end of 2017.

Through the cooperation agreement, BW Offshore and ICBC Financial Leasing will jointly pursue international infrastructure projects with a focus on FPSOs.

At the time of the contract signing, the parties said they would establish a long-term strategic partnership and offer cost effective production solutions for the global oil and gas industry.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Nov 2017 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 1 2 3

Maritime Information Warfare 2017

Maritime Information Warfare will focus on the growing need for navies to develop their information exploitation capabilities…

read more >

INTERNATIONAL GREEN SHIPPING AND TECHNOLOGY SUMMIT

The Summit will gather key marine experts and companies around the globe which have a big influence in the industry…

read more >

The CWC 18th Annual World LNG Summit & Awards Evening

The CWC World LNG Summit will continue to give you access to premium networking opportunities as it brings together the who’s who…

read more >

Marintec China 2017

The largest maritime event in Asia Pacific, Marintec China connects maritime professionals from the entire shipbuilding supply chain together.

Over the years, Marintec China has grown to reflect the size and importance of the Asian maritime market. 2015 event is another record-breaking edition with the largest exhibition area and the highest number of industry professionals attending ever. The encouraging figures proven that China remains one of the major shipbuilding nations and Marintec China has been the most authoritative platform in Asia.

With the maritime industry facing great opportunities but also many challenges, it is important for the industry to connect and engage more to ultimately win new business in globally-significant markets. A visit to Marintec China is a great way to learn about the latest technology and innovation of the supply industry, a platform for industry professional to meet face to face, make connection and do business.

Marintec China is poised to be the definitive event and is undoubtedly a must-attend for all involved in the maritime industry.

Marintec China will be held from 5 to 8 December 2017 at the Shanghai New International Expo Centre in Shanghai, China and continue its dedication to serve as the “LEADING” platform “CONNECTING” the community and “STRENGTHENING” the maritime industry.

Marintec China offers the perfect opportunity for companies serving the maritime market to showcase their innovations, products and services to a wide audience. A platform for face to face meetings in business, creating new relationships and consolidating existing ones.

More info

read more >