(Bermuda, 29 April 2008): The board of BW Offshore Limited has accepted a USD 1.5 billion refinancing offer. BW Offshore Limited has received an unconditional committed offer from BW Group Limited, its majority-shareholder, for a five-year USD 1.5 billion unsecured revolving credit facility. The unsecured facility will be used to refinance BW Offshore's current credit facilities and to fund new Floating Production, Storage and Offloading (FPSO) projects. The refinancing has been carried out on an arm's length basis. The five independent Directors of BW Offshore Limited have concluded that the terms and conditions are favourable to BW Offshore Limited and are competitive compared to offers received from third party lenders.
"This is a clear vote of confidence from our majority owner and is evidence of its commitment to BW Offshore. The terms of the facility are very attractive and have not been unduly affected by the challenges in the financing environment. The offshore sector is set to grow in coming years and this refinancing gives BW Offshore additional flexibility as well as addressing our near-term funding needs," says Svein Moxnes Harfjeld, CEO of BW Offshore.
For further information, please contact:
Svein Moxnes Harfjeld, CEO, BW Offshore, +47 4140 4886
Knut R. Sæthre, CFO, BW Offshore, +47 9111 7876
BW Offshore is one of the world's leading FPSO contractors and a market leader within advanced offshore loading and production systems to the oil and gas industry. BW Offshore has 25 years' experience and has successfully delivered 12 FPSO projects and 42 turrets and offshore terminals. BW Offshore's technology division APL has delivered solutions for production vessels, storage vessels and tankers in a wide range of field developments. Adapting through competence, in-house technology, solid project execution and operational excellence, BW Offshore ensures that customer needs are met through versatile solutions for offshore oil and gas projects. BW Offshore is headquartered in Norway, and has a global network with offices in Europe, Asia Pacific, West Africa and the Americas. BW Offshore has 1,100 employees and is listed on the Oslo Stock Exchange. For more information, please visit www.bwoffshore.com and www.apl.no.