GE ENERGY
FINANCIAL SERVICES LAUNCHES NORTH SEA OIL AND GAS DEVELOPMENT LENDING PROGRAM
LONDON Sept. 15, 2011 – Launching a North Sea oil and gas development
lending program, GE Energy Financial Services, a unit of GE (NYSE: GE), joined an
existing group of financial institutions in a loan facility for Sterling
Resources Ltd. (TSX-V:SLG). Of the GBP 105 million senior secured loan, GE Energy Financial Services has committed GBP 26.1
million.
The
Sterling transaction is GE Energy Financial Services’ first development
financing in the North Sea, complementing the existing focus of its oil and gas
team. Since 1991, GE Energy Financial Services’ Oil and Gas team has provided
more than $4.5 billion in partnership equity and debt to independent private and
public oil and gas operators in the United States. The oil and gas team is
active in all major onshore basins and in the Gulf of Mexico.
Sterling
Resources is an international oil and gas company with a range of exploration,
appraisal and development assets both offshore and onshore. The senior secured
loan will allow Sterling Resources to execute Phase 1 development of the Breagh
gas field in the UK Southern North Sea. Phase 1 development comprises construction
of a platform on the western side of the field from which 10 wells will be
drilled, a 100-kilometer 20-inch gas export pipeline to Teesside together with
an associated smaller pipeline and cable, an onshore pipeline and modifications
to the Teesside Gas Processing Plant. A second phase is under consideration.
GE Energy
Financial Services joined global financial institutions that had signed the
loan facility agreement in July: Société Générale Corporate & Investment Banking (acting as Sole
Bookrunner, Mandated Lead Arranger and Technical
Bank), BNP-Paribas (acting as Mandated Lead Arranger and Facility Agent) and
Commonwealth Bank of Australia (acting as Mandated Lead Arranger).
About GE
Energy Financial Services
GE Energy Financial Services’ experts invest globally
across the capital spectrum in essential, long-lived, and capital-intensive
energy assets that meet the world’s energy needs. In addition to capital, GE
Energy Financial Services offers the best of GE.’s technical know-how,
technology innovation, financial strength, and rigorous risk management. Based
in Stamford, Connecticut, the GE business unit helps its customers and GE grow
through new investments, strong partnerships, and optimization of its
approximately US $20 billion in assets. For more information, visit http://www.geenergyfinancialservices.com.
Contact:
GE Energy Financial Services
Andy Katell
+1 203 961 5773