13 December 2013
Watson, Farley & Williams (“WFW”), a leading international law firm, is pleased to announce that it has advised Bluewater on the amendment and restatement of its secured syndicated revolving credit and project finance facilities in connection with the issue of a US$400 million senior unsecured Norwegian bond to replace its current one.
Headquartered in the Netherlands, Bluewater is one of the market leaders in the design, development and operation of Floating Production, Storage and Offloading (FPSO) systems and Single Point Mooring (SPM) systems. Based on number of current operative FPSOs, Bluewater is the fifth largest FPSO contractor worldwide and is one of four main providers of SPM equipment and related services. The Group has a global reach but with a focus on harsh environment including the North Sea.
On 11 December Bluewater completed the last part of its current funding plan, conceived by its management a year ago. Bluewater now has in place a new project financing for two of the Group’s FPSO units, ‘Glas Dowr’ and ‘Haewene Brim’, has refinanced and supplemented a revolving credit facility, and agreed the issue of a US$400 million Norwegian bond. WFW partner Mark Lawson led on the deal, supported by associates Ida Marie Oedegaard and Rob Firth, both based in London.
Lead partner Mark Lawson commented: “Having advised the Bluewater Group since 1994 in a variety of complex structured debt, leasing and US and Norwegian bond financings, we are delighted to have supported them in their latest financing strategy, aimed at delivering Bluewater’s continued financial stability and overall development in the oil and gas FPSO and mooring systems business.”