Vår Energi announces refinancing and investment-grade credit ratings
Vår Energi has today announced a comprehensive USD 6 bn debt refinancing, as well as obtaining investment-grade credit ratings from S&P and Moody’s.
Vår Energi has signed a new debt facility, replacing its Reserved Based Lending facility with a USD 6 billion unsecured corporate credit facility provided in equal proportions by 12 international banks.
Vår Energi also announced that it has obtained a BBB credit rating from S&P and Baa3 from Moody’s.
Vår Energi is a full-cycle upstream oil and gas company, established in 2018 through the merger of Eni Norge and Point Resources, and is today the largest Norwegian Continental Shelf independent, with a H1 2021 production of 239,000 boepd and a 2P reserves base of 1,147 mmboe (SEC) as of year-end 2020. In addition to its producing assets, the Company has several projects under development; and has a proven track record of exploration success, as demonstrated by its participation in several significant discoveries so far in 2021.