BW Offshore: Signing of credit facility

Bergesen Worldwide Offshore Ltd has today signed a USD 600 million credit facility to refinance existing debt and to finance future growth.
 
Bergesen Worldwide Offshore Ltd has today signed a USD 600 million 6 year unsecured reducing revolving credit facility with a syndication of banks lead by DnB NOR. The credit facility will be reduced by USD 200 million after 5 years. Interest rate is LIBOR plus a margin of 97,5 bps.
 
The facility will be used to refinance existing debt and to finance future growth.
 
The new facility will provide BW Offshore with financial flexibility and capacity in pursuing its goal of 10-12 FPSO contracts by the end of 2008.