Bumi Armada secures $1.2bn financing for Angola project

Bumi Armada has secured financing for its Armada Olombendo project offshore Angola, the company said in a stock market announcement.

The syndicated facility worth $1.2bn was secured through its Armada Cabaca unit, and comprises a term loan facility, a standby letter of credit facility and a bank guarantee facility.

The facility’s lenders included Credit Industriel et Commercial, Intesa Sanpaolo SpA, KfW IPEX-Bank GmbH, The Korea Development Bank, National Bank of Abu Dhabi PJSC, Natixis, Oversea-Chinese Banking Corp, Societe Generale, Standard Chartered Bank and Sumitomo Mitsui Banking Corp.

“The facility enables Armada Cabaca to part-finance its project and reimburse all costs and expenses in relation to the acquisition, conversion, refurbishment, mobilisation, transportation, hook-up, mooring, and installation of the floating production, storage and offloading (FPSO) vessel named ‘Armada Olombendo’, together with all ancillary and related works,” the company said.

Bumi Armada got the contract in 2014 for the provision of FPSO services for the Block 15/06 East Hub Field Development located offshore Angola plus charter of the Armada Olombendo to Eni Angola SpA. 

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