Tullow Oil has refinanced its NOK2 billion ($330 million) Norwegian exploration revolving credit facility (RCF), and at the same time it has successfully increased the size of the facility to NOK3 billion ($500 million). The maturity date has also been extended, providing availability to the end of 2017 – thus giving a tenor of 3.5 years.
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The export finance community’s calls for OECD reform are being answered. But amid
the news certain ESG-friendly projects can tap longer tenors, there remains
scepticism around how and when ECAs and banks will apply these longer maturities.
This year's winners of the TXF Export Finance Deals of the Year beat a lot of worthy contenders, with ESG credentials the running theme across those winning deals.
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