Norton Rose Fulbright has advised on a US$100 million term loan and guarantee facility to Woodside with export credit support provided by DNB Bank ASA and the Norwegian Export Credit Agencies (ECA).

Our advice was given to Eksportkreditt Norge AS as lender; DNB Bank ASA as agent and arranger, ECA co-ordinator and ECA guarantor; and Norway’s Guarantee Institute for Export Credits (GIEK) as ECA guarantor on the loan and guarantee facility.

The facility is the first facility of this type between Woodside and the Norwegian export credit agencies.

It will be used to support the delivery of subsea equipment for installation on the seabed to support Woodside’s operations offshore in Western Australia.

Norton Rose Fulbright partner Dale Rayner led the deal and commented:

“We were pleased to be able to facilitate this agreement between Australia’s largest independent oil and gas company and the Norwegian export credit agencies. This deal was a great example of the sort of cross border banking and finance and tax work we do for the energy and financial institutions industries.”

Dale Rayner led the deal with senior associate Grant Schulz in Brisbane, with assistance from associate Ben Bourke. Sydney partner Ellen Thomas advised on the tax aspects of the transaction.