NIBC funds survey vessel for Offshore Merchant Partners

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NIBC acted as mandated lead arranger of a USD 52 million senior secured loan for Oslo-based offshore asset manager Offshore Merchant Partners (OMP), which will use it to finance the sale and leaseback of a seismic survey vessel for Petroleum Geo-Services.

OMP is backed by leading offshore investment fund HitecVision and this marks its first landmark transaction. The sale and leaseback transaction also strengthens the financial position of Petroleum Geo-Services in what is currently a challenging market.

Seismic research is the first phase of oil and gas exploration where specialised vessels scan the ocean floor for fossil fuels and Norwegian Petroleum Geo-Services is one of the world’s top three seismic research companies. OMP is buying the vessel from PGS, who will lease it back under a 10-year charter agreement.

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