BW Offshore Gets Breathing Space

Global operator of floating production storage and offloading (FPSO) units BW Offshore Limited has received an approval for its long-term financial platform as it aims to secure future liquidity.

The company has now received the required consents from all of its lending banks to implement the earlier announced financing plan which would contribute with more than USD 500 million in improved liquidity in the period throughout 2020 and “thereby give the company a significant runway until an expected market recovery.”

“The consents are subject to customary conditions precedent, such as the entry into of appropriate documentation, corporate resolutions and the provision of legal opinions as well as the absence of any continuing event of default under the loan facilities,” BW Offshore said.

Earlier in June, the company received approval for the required amendments to its bond loan agreements.

“Except for customary conditions precedents with respect to the amendments to the bank and bond loans, the only outstanding condition for implementation of the plan is completion of the USD 100 million rights issue,” the FPSO operator said.

The rights issue, which has been fully underwritten by existing shareholders and a bank syndicate, is expected to be completed in July 2016.

BW Offshore has a fleet of 14 owned FPSOs and one FSO, and it operates additional two FPSOs.

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