Premier Oil completes debt refinancing, extends maturities beyond 2021

Premier Oil, a UK-based oil and gas company, has completed its debt refinancing after months of talks with creditors.

The company on Friday said that the refinancing of the group, announced in February, had become effective. In an operational update earlier this month Premier said its net debt was $2,74 billion.

The company, which recently took part in a billion barrel oil discovery in Mexico, said the completion of the refinancing provided a solid foundation for Premier to deliver its strategic plans by preserving the Group’s debt facilities, resetting financial covenant headroom, and extending maturities to 2021 and beyond.

The revised financing structure allows both for debt reduction utilizing the Group’s cash flows generated from its low cost stable production base, and future growth via selective investment in unsanctioned projects, at appropriate equity levels and with due regard to the commodity price environment, Premier oil said.

Tony Durrant, CEO, commented: “The completion of the refinancing process represents a significant milestone for Premier. We are grateful for the level of support received from our lenders during this process which has put Premier on a strong footing to deliver value for all of our stakeholders in the medium term.”

The completion of the refinancing now gives Premier Oil a breathing space to focus on its currently most important project, the Catcher field development in the North Sea.

The field is scheduled to start oil production later this year, via a BW Offshore-supplied FPSO, set to sail away from Singapore in August. Once started, the journey should take about six weeks to the final offshore location in the UK.

 

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Events>

<< Jun 2019 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

OWI LATAM 2019

Over the two-day conference, 25+ expert speakers will share exclusive insight on how to develop an integrity, production and P&A strategy…

read more >

Nigeria Oil & Gas Conference & Exhibition 2019

The annual meeting once again proved to be a great success, gathering over 700 industry professionals…

read more >

08th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

Gas Indonesia Summit 2019

Gas Indonesia Summit & Exhibition is returning for the fourth edition in Jakarta…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply