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Norwegian FPSO operator Fred. Olsen Production ASA signs USD500m revolving credit facility.

NORDIC BUSINESS REPORT-18 April 2007-Norwegian FPSO operator Fred. Olsen Production ASA signs USD500m revolving credit facility(C)1994-2007 M2 COMMUNICATIONS LTD

Norwegian floating production, storage and offloading vessels operator Fred. Olsen Production ASA said on Wednesday (18 April) that it is in the process of signing a USD500m financing agreement.

The company said that it has accepted an offer for a 10-year secured revolving credit facility arranged by DnB NOR, Fortis Bank and Nordea.

The facility will be used to refinance existing loans, and to provide funds for general corporate purposes and the future development of the company's fleet of FPSO/FSOs.

The final agreement is expected to be signed by the end of May or early June.

Fred. Olsen Production, headquartered in Oslo, Norway, is 57.7%-owned by First Olsen Ltd, a company jointly owned by the sister shipping companies Ganger Rolf ASA and Bonheur ASA.

One British pound (GBP) is worth approximately 1.93 US dollars (USD).

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Publication:Nordic Business Report
Article Type:Brief article
Date:Apr 18, 2007
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