INEOS secures funding for UK North Sea developments

Offshore staff

ROLLE, SwitzerlandINEOS UK E&P Holdings has entered into its first reserve-based lending facility.

The five-year, £220-million ($294-million) facility was secured following INEOS’ recent acquisitions of UK offshore production assets from DEA UK and Fairfield Energy.

It will help the company repay part of its equity financing and assist future development programs.

INEOS Breagh CEO Geir Tuft said: “INEOS is a new entrant to the North Sea and this first step into the oil and gas backed lending market demonstrates support for both our strategic vision and our ambitious plans for the future.

“It is seen as a catalyst to develop future projects and continue to pursue opportunities in the North Sea.”

The facility was arranged by HSBC and Lloyds with participation from Barclays, Deutsche Bank, Goldman Sachs, and Bank of Montreal.

09/07/2016

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