BW Offshore raises USD 500 million in new liquidity

BW Offshore has signed a deal which secures USD 500 million in liquidity throughout 2020. The plan also entails a suspension of dividends.

BW Offshore has negotiated a deal to help the Oslo-listed offshore company through the oil industry crisis, informs the company in relation to the release of the first quarter interim report 2016.

The deal involves banks, shareholders, and bondholders, and means that BW Offshore will increase liquidity by about USD 500 million throughout 2020. This will happen through measures including a guaranteed rights issue of USD 100 million. One requirement is that dividends not be paid, the company writes.

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