SBM Offshore secures $210 million credit facility for Fast4Ward MPF hull construction
(WO) — SBM Offshore has secured a $210 million Revolving Credit Facility (RCF) for the financing of the construction of Fast4Ward Multi-Purpose Floater (MPF) hulls, the company said on Dec. 15.
The tenor of the RCF is eighteen months with an extension option for another six months. Repayment is expected to take place upon sale of the MPF hulls or upon drawdown of the relevant project loan.
Under the Fast4Wardprogram, eight standardized MPF hulls have been ordered to date with seven allocated to projects and one supporting tendering activities.
Douglas Wood, CFO of SBM Offshore, commented:
“The successful closing of this facility supports our Fast4Ward strategy to fast-track FPSO projects and make them more competitive by providing targeted financing for the construction of MPF hulls at a competitive rate.”
