Floating production ship contractor BW Offshore has completed facility documentation for a new $800million credit facility for the firm’s share in the Catcher development.
The 10 year senior secured facility will fund the construction and long-term financing of the floating storage, production and offloading (FPSO) vessel, which will be built in Japan and converted for use in the North Sea in Singapore.
It will process up to 60,000 barrels of oil per day and store 650,000 barrels from the giant Catcher field, about 110 miles east of Aberdeen. The field is expected to produce 96million barrels of oil when it comes online mid-2017.
BW Offshore will provide the FPSO to the Premier Oil-operated project on a minimum seven-year-long deal worth around £1.38billion.
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