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Publish Date : 01-Apr-2014

Bumi Armada Bhd declared that its unit Armada Kraken Pte Ltd has secured a syndicated bridge loan facility for US$750 million from Oversea-Chinese Banking Corporation Ltd, Maybank International, Labuan branch, Sumitomo Mitsui Banking Corp, Singapore ranch, United Overseas Bank Ltd, Export-Import Bank of Malaysia Bhd and Korea Development Bank, Singapore branch.

Armada Kraken Pte Ltd secured the funds for a bareboat charter contract, which it has received for the Kraken field.

The principal activities of Armada Kraken are ship owners, charterers, managers of ships and vessels, marine support and other services to offshore oil and gas companies.

On Dec 20, 2013, to recap, Armada Kraken had signed a bareboat charter contract to provide a floating production, storage and offloading vessel (FPSO) to be deployed at the Kraken field in the UK sector of the North Sea.

The hirers are EnQuest Heather Ltd, EnQuest ENS Ltd, First Oil and Gas Ltd, Nautical Petroleum Ltd and Nautical Petroleum AG,

Bumi Armada stated that, "The loan facility was for Armada Kraken to part-finance and reimburse the FPSO together with all ancillary and related works required under the bareboat charter."

Under the facility, Armada Kraken's payment obligations are guaranteed by Bumi Armada.

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