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OSX Obtains an US$ 850 m Loan for its FPSO OSX-2

Source: www.gulfoilandgas.com 10/26/2011, Location: South America

OSX 2 Leasing B.V., a subsidiary of the OSX Brasil S.A., entered into a facility agreement with a syndicate of international banks lead by ING, Itau-BBA and Santander, related to the granting of a loan in the amount of US$ 850 million, pursuant to the contractual terms, for investment in the construction and installation of the FPSO OSX-2.

The facility was initially underwritten by the three lead banks and thereafter syndicated globally. In addition to the lead banks, the financial institutions participating in the syndicate are: HSBC, Citibank, ABN Amro Bank, Banco do Brasil and NIBC. The general conditions of the loan are: average interest of Libor rates + 4.41 % p.a.; 12-year tenor from the date of the execution of the contract; grace period for principal payment during the construction and installation period; quarterly interest, to be financed during the grace period; and straight-line amortization, until the 12th year, commencing three months after the start of oil production by the unit.

This unit will be built pursuant to the EPCI definitive contract signed in April 2011 between OSX 2 Leasing B.V. and Single Buoy Moorings Inc. (SBM), a world leader in the offshore oil and gas industry. The FPSO OSX-2 will have oil production capacity of 100,000 bopd and storage capacity of 1,300,000 bbls. The FPSO OSX-2 will be chartered by OGX for a period of 20 years, and its final destination will be the Waimea accumulation, in the Campos Basin. Production of first oil is expected mid-2013.

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Related Categories: Diving Contractors  Dredging  FPSO Vessels and Equipment  General  Marine Services  Mooring Systems  Offshore Platforms  Subsea Production 

Related Articles: Diving Contractors  Dredging  FPSO Vessels and Equipment  General  Marine Services  Mooring Systems  Offshore Platforms  Subsea Production 


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