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Det norske oljeselskap ASA announced on 4 September 2013 that it has entered into a USD 1 billion revolving credit facility, equivalent to NOK six billion, with a group of Nordic and international banks.
The facility contains an uncommitted accordion option which could increase the facility to USD 2 billion, equivalent to NOK twelve billion.
The credit facility is part of Det norske oljeselskap ASA's financing of its development costs on the Norwegian continental shelf in the years to come.
Arntzen de Besche Advokatfirma AS has acted as legal counsel for DNB Bank ASA, the agent of the group of lenders. The teamet from AdeB, lead by Atle Gabrielsen (partner), has in addition consisted of Lars Tomasson (associate) and Rune Tjomsås Andersen (partner, petroleum tax).
For further information, please see Det norske oljeselskap ASA's press release.