Scotland
UK
Ireland
London
Faroe Petroleum has secured nearly £300 million worth of financial packages to further its Norwegian Continental Shelf assets.
The two finance packages are part of the Aberdeen-based oil and gas firms growth plans.
The first £200m Reserve Base Lending Facility will be used to finance assets and approved capital expenditure, operating costs and acquisitions. The second £92.5m Norway Exploration Financing Facility will cover exploration and appraisal costs on the Shelf.
The funding is being provided by 10 banks; BNP Paribas, BMO Capital Markets, Commonwealth Bank of Australia, Danske Bank, DNB Bank, ING, Royal Bank of Scotland, SEB, SR-Bank and Wells Fargo.
Graham Stewart, Chief Executive of Faroe Petroleum said: "We are very pleased to have concluded this financing exercise, and to have received such strong support from both our existing bank syndicate and new lenders. The new facilities provide us with substantial funding to support the continuing growth of the Group and the financing of our development assets."
(LM)
