GE stumps up $300m for Sevan Voyageur
Norway's Sevan Marine has tied up a $300 million senior debt project finance
facilty with GE for the 30,000 barrel per day Sevan Voyageur, a cylindrical
floating production, storage and offloading unit.
Sevan signed the agreement with mandated lead arrangers GE Energy Financial
Services and GE Transportation Finance.
GE Capital Markets will syndicate the facility, fully underwritten by the lead
arrangers, to a limited group of international banks.
Norway's export credit agency, GIEK, has partially guaranteed the facility.
Eksportfinans funded GIEK's portion of the facility.
The debt facility is structured as a limited recourse financing consisting of
a pre and post-completion construction financing of up to $300 million that
converts into a five-year $300 million amortising term loan following
delivery of the Sevan Voyageur to Canadian operator Oilexco, which will put
it to work at the Shelley field, in teh UK sector of the North Sea.
Sevan said in a release that with this facility and the funding it raised in
September last year, the Sevan Voyageur is now fully financed.
The Sevan Voyageur, which will also be able to store 300,000 barrels of oil,
will be installed at Shelley in the fourth quarter of this year, for a
five-year contract with Oilexco.
Yantai Raffles Shipyard in China's Yangdon Province built the hull. Norway's
GKSI shipyard built the topside processing plant and Keppel Verolme Shipyard
in Rotterdam is currently installing the topsides.
05 May 2008 17:10 GMT
| last updated:
05 May 2008 17:10 GMT
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