Premier Oil Extends Debt Facilities, Posts 1H Loss

Aby Jose Koilparambil and Pushkala Aripaka

August 21, 2020

Premier Oil said on Thursday it had agreed to terms for a long-term refinancing of its debt facilities, including $300 million of new equity and an extension to its credit maturities, after posting a first-half loss on weak crude prices. 

The British company said $2.9 billion of gross committed debt facilities would be refinanced with non-amortizing facilities, extending the maturities from May 2021 to March 2025. 

The North Sea-focused oil firm posted a loss after tax of $671.5 million in the first half compared to a profit of $120.6 million a year earlier, due to an unprecedented fall in crude demand during the COVID-19 pandemic. 

(Reporting by Aby Jose Koilparambil and Pushkala Aripaka in Bengaluru; Editing by Amy Caren Daniel)