Premier Oil Gets Some Breathing Space from Creditors


October 1, 2020
A Premier Oil FPSO in the North Sea - File Photo: Premier Oil

A Premier Oil FPSO in the North Sea - File Photo: Premier Oil

Creditors of North Sea-focused Premier Oil have extended a waiver for the group's debt covenant test until Nov. 5, giving it breathing space to avoid a debt crunch, the company said on Thursday.

Premier needs to convince at least 75% of its creditors that the best solution is for the company to extend debt maturities to 2025 and try to raise $530 million, part of which would be spent on buying assets from BP to boost production.

In August, Premier said it had 45% of creditors on board. It did not provide an updated tally on Thursday.

Meanwhile, Premier is also in talks with private equity-backed rival Chrysaor on an alternative deal.

"Premier's creditors have approved an extension to the previously announced Stable Platform Agreement with the group's financial covenants waived through to 5 November 2020," Premier said after its previous waiver ran out on Wednesday.

"Discussions continue relating to the proposed refinancing and possible alternative transactions." 

(Reporting by Shadia Nasralla Editing by David Goodman)

No comments

More Popular Posts

About Crude Oil Facilitators

Crude Oil Facilitators are dedicated global brokers and facilitators of crude oil buying and selling. We work directly with crude oil buyers and crude oil sellers worldwide. We are a United Kingdom and Nigerian based firm, privately owned and devoted to the brokering of crude oil and other petroleum products buying and selling.

We have buyers and sellers of;

1. Nigerian Bonny Light Crude Oil, BLCO

2. D2 Diesel Fuel, JP54 Jet Fuel, Mazut etc.

3. Saudi Light Crude Oil, SLCO

4. Iraqi Light Crude Oil

If you are a buyer or seller of crude oil or other petroleum products or have mandate to buy or sell any of the above oil products, do contact us because we could be of help.

To contact Crude Oil Facilitators, click here ». To learn more about Crude Oil Facilitators, click here

Crude Oil Facilitators