BW inks Catcher loan

BW Offshore has agreed a US$800 million, 10-year credit facility for the Catcher floating production, storage and offloading project. 

The facility is a combined construction and long term financing facility. The credit facility was substantially oversubscribed by a group of 13 leading international banks.

Image: The Catcher FPSO. Image from Aibel.

The Catcher area, operated by Premier Oil, is expected to produce 96MM boe, with a peak production rate of around 50,000 bo/d.

The development project, 180km east of Aberdeen in central North Sea Block 28/9. will comprise 22 subsea wells (14 producers and eight water injectors) on the Catcher, Varadero, and Burgman fields. These will be tied back to a leased FPSO. Oil will be offloaded by tankers, while the gas will be exported through the SEGAL facilities.  

BW Offshore signed a contract with Premier Oil for the provision of an FPSO to operate on Catcher earlier this year. 

The firm charter period of the contract is seven years, with extension options of up to 18 years. Based on a field life of 10 years, the contract value is $2.3 billion, including FPSO charter rate and opex. Read more: BW signs Catcher deal  

Aibel’s Singapore office has been awarded a contract by BW Offshore Singapore to provide topside engineering services for Catcher. 

Subsea 7 was awarded an engineering, procurement, installation, and commissioning (EPIC) services contract for Catcher, by Premier Oil. The contract, worth more than $460 million. 

Relating to its loan, BW Offshore said it has also received consent from all lenders to amend the Equity Ratio covenant for the remaining bank loans from 30% to 25% in alignment with the Catcher facility. The other main covenants remain unchanged.

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