SBM Offshore is pleased to announce the closure of a US$600 million bridge loan facility for the financing of the construction of FPSO Sepetiba.
The facility was secured by the special purpose company owning FPSO Sepetiba and was agreed with a consortium of four international banks. SBM Offshore is majority owner of this special purpose company (with 64.5% equity ownership), together with Mitsubishi Corporation (20%) and Nippon Yusen Kabushiki Kaisha (15.5%).
The facility will be drawn in July 2020 to finance the ongoing construction of the FPSO Sepetiba. The tenor of the bridge loan is six months with an extension option for another six months. The facility benefits from sponsor guarantees, which are to be released upon repayment. Repayment is expected to take place upon closure and first drawdown of the project loan which continues to progress. The facilityâs weighted average interest margin is in line with the expected margin of SBM Offshoreâs existing US$1 billion revolving credit facility for the second half of 2020.
Bert-Jaap Dijkstra, Group Treasurer of SBM Offshore, commented:
âThe successful closure of this bridge facility demonstrates the robustness of our financing model as well as the strength of SBM Offshoreâs long-standing relationships with our banks. As the facility is arranged at the level of the special purpose vehicle, it represents a financing tool which enables SBM Offshore and partners to optimize the financing of major projects. Further, this bridge facility improves SBM Offshoreâs liquidity position at a competitive rate.â
Corporate Profile
The Companyâs main activities are the design, supply, installation, operation and the life extension of floating production solutions for the offshore energy industry over the full lifecycle. The Company is market leading in leased floating production systems, with multiple units currently in operation.
As of December 31, 2019, the Company employs approximately 4,450 people worldwide spread over offices in our key markets, operational shore bases and the offshore fleet of vessels.
SBM Offshore N.V. is a listed holding company headquartered in Amsterdam, the Netherlands. It holds direct and indirect interests in other companies.
Where references are made to SBM Offshore N.V. and /or its subsidiaries in general, or where no useful purpose is served by identifying the particular company or companies âSBM Offshoreâ or âthe Companyâ are sometimes used for convenience.
For further information, please visit our website at www.sbmoffshore.com.
The Management Board
Amsterdam, the Netherlands, July 1, 2020
Financial Calendar | Date | Year |
---|---|---|
Half Year 2020 Earnings â Press Release | August 6 | 2020 |
Trading Update 3Q 2020 â Press Release | November 12 | 2020 |
Full Year 2020 Earnings â Press Release | February 11 | 2021 |
Annual General Meeting of Shareholders | April 7 | 2021 |
Trading Update 1Q 2021 â Press Release | May 12 | 2021 |
For further information, please contact:
Investor Relations
Bert-Jaap Dijkstra
Group Treasurer and IR
Telephone: | +310202363222 |
Mobile: | +310621141017 |
E-mail: | Bert-Jaap Dijkstra |
Website: | www.sbmoffshore.com |
Media Relations
Vincent Kempkes
Group Communications Director
Telephone: | +310202363170 |
Mobile: | +310625687167 |
E-mail: | Vincent Kempkes |
Website: | www.sbmoffshore.com |
Disclaimer
This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation. Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements based on managementâs current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those in such statements. Such forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of the Companyâs business to differ materially and adversely from the forward-looking statements. Certain such forward-looking statements can be identified by the use of forward-looking terminology such as âbelievesâ, âmayâ, âwillâ, âshouldâ, âwould beâ, âexpectsâ or âanticipatesâ or similar expressions, or the negative thereof, or other variations thereof, or comparable terminology, or by discussions of strategy, plans, or intentions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this release as anticipated, believed, or expected. SBM Offshore NV does not intend, and does not assume any obligation, to update any industry information or forward-looking statements set forth in this release to reflect subsequent events or circumstances. Nothing in this press release shall be deemed an offer to sell, or a solicitation of an offer to buy, any securities.