Offshore Norway Exploration Plan Gets Funding

Press Release
Friday, March 08, 2013

Atlantic Petroleum Norge AS has entered into a NOK 300-million bank credit facility with DnB to finance its growth plans in Norway.

The 3 year facility is put in place to finance Atlantic Petroleum’s planned Norwegian exploration and appraisal programme on the offshore Norwegian Continental Shelf

Under the terms of the credit facility, approx. 74% of all the Company’s exploration, appraisal and supporting expenditure in Norway will be met by DnB, thereby substantially increasing the Company's capital available for investment in Norway activity. The facility will be fully repaid by funds received from the Norwegian Government under the 78% cash back regime in relation  to all exploration and appraisal cost on the Norwegian Continental Shelf.

Ben Arabo, CEO, commented:
“The Exploration finance facility is an important step in Atlantic Petroleum´s growth strategy for Norway. We look forward to extending our current Norwegian asset base and building a high impact exploration and appraisal programme in the time to come.”
 

Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

SUNY Maritime College Names ABS Chairs

The State University of New York (SUNY) Maritime College has selected Dr. Richard Burke and Dr. Christopher Clott as its inaugural ABS chairs following a comprehensive

Austal Starts Next US Littoral Combat Ship

Austal and the U.S. Navy held a keel-laying ceremony today for the future USS Manchester (LCS 14), marking the first significant milestone in its construction.

Conference to Delve into Hybrid Power & Propulsion

The first international Hybrid Marine Power & Propulsion Conference will be held at the RNLI Lifeboat College, Poole UK from October 6-8, 2015.   Shock Mitigation

Offshore

FUGRO, Cross Group Awarded Multi Well GoM Contract

Fugro’s dynamically positioned multi-purpose drilling, well intervention and geotechnical vessel, Fugro Synergy, will showcase her capabilities on a multi well

Otto Marine Secures $131 mln in New Contracts

Otto Marine Limited, an offshore marine company which specializes in building complex offshore support vessels, ship chartering and offers specialized offshore services,

ICS: U.S. Approach to LNG 'Protectionist'

According to the Internatinal Chamber of Shipping, the United States Congress signaled last week its intention to approve major free trade deals with Asia and Europe.

Finance

Multimodal Freight Bill Introduced in US Senate

Cantwell, Booker, Murray, Markey introduce freight investment legislation aiming to eliminate chokepoints at critical highway, rail, port and intermodal facilities to support economic growth,

Crowley Acquires 4,300 Pieces of Liner Equipment

In response to continuing high customer demand, Crowley Maritime Corporation’s liner services group has placed orders for additional equipment, including hundreds

DPE is New Majority Shareholder in INTERSCHALT

Deutsche Private Equity GmbH (DPE) is set to become the new majority shareholder in INTERSCHALT maritime systems AG, the maritime software and services provider

Offshore Energy

FUGRO, Cross Group Awarded Multi Well GoM Contract

Fugro’s dynamically positioned multi-purpose drilling, well intervention and geotechnical vessel, Fugro Synergy, will showcase her capabilities on a multi well

ICS: U.S. Approach to LNG 'Protectionist'

According to the Internatinal Chamber of Shipping, the United States Congress signaled last week its intention to approve major free trade deals with Asia and Europe.

Northern Offshore acquired by Shandong Offshore

Offshore oil and gas drilling firm Northern Offshore Ltd. has reached agreement on the terms of a recommended $165m cash acquisition by Shandong Offshore International Company Limited.

 
 
Maritime Contracts Maritime Security Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1391 sec (7 req/sec)