UK oil and gas firm EnQuest has signed a new multicurrency credit facility of up to $900m, with $525m committed and a further $375m made available to the borrower, to be used primarily for acquisitions. The revolver has a maturity of five years.
Seven banks committed to the line, which replaces a $280m revolver that matured in the first quarter of the year. That outstanding loan was provided by BNP Paribas and Lloyds Banking Group.
In 2011, EnQuest purchased 45% of the Kraken field in the UK North Sea. It paid