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April 2011 Oil & Gas News

11 April 2011

OSX mandates Santander and ING for new FPSO loan Brazilian oil and gas contractor OSX man­dated Banco Santander and ING Bank to arrange a $850 million secured term loan for a second floating production, storage and offloading (FPSO) vessel on 30 March. The debt will cover 80% of project costs. Syndication is expected to launch in April. Sister company OGX will charter the FPSO, at a rate of roughly $290,000 per day, for 20 years. The vessel, OGX-2, is to be constructed by SBM Offshore, will be able to process 100,000 barrels of oil per day, and have a storage capacity of 1.3 million barrels. It will be deployed at OGX-owned properties in the Campos basin off the coast of Brazil. The first OSX FPSO, OSX-1, is under construction at Samsung’s shipyard in South Korea. OSX...

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