Subsea 7 enters loan facility backed by $400 million U.K. Export

By Taylor Fox

New York, Feb. 25 – Subsea 7 SA entered into a $500 million five-year amortizing loan facility backed by a $400 million guarantee from U.K. Export Finance on Wednesday, according to a news release.

Subsea has a two-year availability period to draw on the facility, and the facility has a five-year tenor, which commences at the end of the availability period or when the facility is fully drawn.

The facility can be used for general corporate purposes, including to provide working capital financing for services provided from the U.K.

The facility is guaranteed by the company.

Subsea 7 is a London-based contractor that provides seabed-to-surface engineering, construction and services to the offshore energy industry.

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