BW Offshore: Investment by ICBCL in BW Catcher FPSO
(Thomson Reuters ONE) -
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(at)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
Unternehmensinformation / Kurzprofil:
Datum: 14.11.2017 - 09:38 Uhr
Sprache: Deutsch
News-ID 567996
Anzahl Zeichen: 3518
contact information:
Town:
Oslo
Kategorie:
Business News
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"BW Offshore: Investment by ICBCL in BW Catcher FPSO"
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