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United Kingdom : CAIRN ENERGY agrees US $575 million loan

May 17, 2014



Cairn Energy  agreed a US $575 million loan with BNP Paribas to support the development of the Kraken and Catcher oil fields in the North Sea, which are 25% and 30% owned respectively.

It will have a seven year term.

The company says the Kraken development is progressing on-schedule, first oil is targeted in 2016 to early 2017, and it is anticipating government approval for the Catcher field development plan.

Cairn anticipates to have spent about US $1 billion on its development projects by the end of 2017, with the money coming from existing debt and cash. 

It currently has about US$ 1.2 billion of cash plus its 10% stake in Cairn India is worth US $1.1 billion - though a tax dispute means the stake could not currently be sold.


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Source: TendersInfo (India)


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