Malaysia-based offshore oilfield services provider Bumi Armada has secured a US$750mn syndicated bridge facility.

The loan will be used by the company’s subsidiary, Armada Kraken, to part-finance all activities relating to the instalment of its floating production, storage and offloading (FPSO) project in the North Sea.

Lenders on the facility are OCBC, Maybank, SMBC, United Overseas Bank, Malaysia Exim and the Korea Development Bank.

“The facility is intended to be refinanced by long-term project financing in due course,” said a statement issue by the company.

Armada Kraken signed a bareboat charter contract with five charterers in December last year for the FPSO, which is set to be deployed in the UK sector of the North Sea.