NRF helps secure US$100m facility for massive offshore oil project

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Norton Rose Fulbright has advised on a US$100mn term loan and guarantee facility, which will be used by Woodside for its offshore operations in Western Australia.

The facility has export credit support provided by DNB Bank ASA and the Norwegian Export Credit Agencies (ECA). The facility is the first of its type between Woodside and the Norwegian export credit agencies.

NRF advised Eksportkreditt Norge AS as lender; DNB Bank ASA as agent and arranger, ECA co-ordinator and ECA guarantor; and Norway’s Guarantee Institute for Export Credits (GIEK) as ECA guarantor on the loan and guarantee facility.

The facility will be used to support the delivery of subsea equipment for installation on the seabed to support Woodside’s $1.9bn Greater Enfield project, an offshore oil project which will include up to 14 wells, according to  

Partner Dale Rayner and senior associate Grant Schulz in Brisbane, who led the Norton Rose Fulbright team, was assisted by associate Ben Bourke. Sydney partner Ellen Thomas advised on tax aspects.

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