Year: 2020

SUCCESSFUL ISSUANCE OF A NOK 300 MILLION SENIOR UNSECURED BOND

On Friday 7 February, Mime Petroleum successfully completed the issuance of a NOK 300 million senior unsecured bond with maturity in February 2025.

The bond issue will enable Mime Petroleum to optimise the company’s capital structure and strengthen its liquidity position ahead of the Balder Future project in the North Sea.

The Balder Future project includes refurbishment of the Jotun FPSO, new subsea production systems and 14 new wells with a total investment of NOK 19.6 billion.

The redevelopment will unlock an additional 136 million boe and production is planned to commence in the autumn of 2022. The field is expected to produce up to 2045.

Mime Petroleum submitted the PDO for the Balder Future project together with the operator Vår Energi in December 2019.

Photo by Vår Energi AS