Floatel International Ltd has successfully completed the issuance of USD 200 million in the Norwegian bond market, with maturity October 2017. The offering was oversubscribed.
As previously announced, the proceeds from the bond issue will be used to refinance existing debt and to fund the Company’s new build program for accommodation vessels for delivery in 2013 and 2015 at Keppel FELS Limited, Singapore.
Floating accommodation platforms are needed to provide additional living quarters for support personnel in exploration and production activities. Such support personnel are required during hook-up and commissioning in the development phase, for maintenance and upgrading during the production phase, as well as for decommissioning.
The bond will be listed at Oslo Børs.
Press Release, October 1, 2012