Petrofac - First Reserve JV gets financing for two floating storage facilities

Petrofac, the international service provider to the oil and gas industry, and First Reserve, the global energy-focused infrastructure investment firm, have secured fund to finance two floating storage facilities.

Global legal practice Norton Rose Fulbright advised Natixis Singapore Branch as sole mandated lead arranger and underwriter on a US$225 million limited recourse project financing facility to finance two floating production facilities for PetroFirst Infrastructure Limited, a Petrofac (80%) - First Reserve (20%) joint venture.

The new debt facilities have been provided to two special purpose companies, one holding a mobile offshore production unit “MOPU West Desaru” operated by Petrofac Group offshore Labuan, Malaysia and the other holding a floating production, storage and offloading facility “FPF-003” (formerly “Jasmine Venture”) operated by Mubadala Petroleum offshore Thailand. Proceeds from the financing will allow for the repayment of inter-company debt and shareholder loans.

PetroFirst Infrastructure Limited announced on 26 June 2014, will deploy $1.25 billion of equity capital both in purchasing a number of existing floating production, storage and offloading assets from Petrofac’s Integrated Energy Services (IES) sector, as well as in new infrastructure projects.