RBL redetermination update

This article originates from the news archive of Det norske.

7. January 2015

Det norske oljeselskap ASA («DETNOR») at the end of 2014 completed a semi-annual redetermination process with its bank consortium under the company’s USD 3.0 billion reserve-based lending («RBL») facility.

At closing of the Marathon Oil Norway acquisition on October 15, 2014 Det norske drew USD 2.65 billion on the facility. Following the recent redetermination process the new borrowing base has been reduced, but remains above USD 2.65 billion.

For cash management purposes, Det norske has reduced the drawn amount under the RBL to USD 2.1 billion at year-end 2014.