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Maritime Logistics Professional

September 6, 2011

Barclays Corporate Oil and Gas Exceeds 2010 Energy Deal Totals

Walter Cummings, Barclays Oil and Gas

Walter Cummings, Barclays Oil and Gas

Barclays Corporate oil and gas team announces it has provided funding for global energy deals amounting to US$1.26billion so far this year.
The facilities have been provided for organisations operating in the UK and internationally, comprising bilateral and syndicated debt and trade lines for activities such as mergers and acquisitions as well as corporate funding. The figure has already exceeded the team’s US$1billion total of new deals in 2010.
The announcement comes as thousands of delegates from across the world gather in Aberdeen for the biennial Offshore Europe exhibition.
One deal, an amendment of an existing revolving credit facility with Wood Group, completed earlier this year saw the bank participate in an US$800million facility, holding US$126.5million.
Wood Group announced in April both the completion of the disposal of its well support division to GE Energy Manufacturing and the acquisition of Production Services Network (PSN).
Walter Cumming, head of oil and gas team at Barclays Corporate, said: “These deals highlight our ever-increasing global portfolio and, in many ways, shows both the UK and Aberdeen in particular remain right at the heart of this international industry.
“Demonstrating this, the oil and gas team itself has grown five-fold over the last four years and now has 25 members.
“The UK Continental Shelf, despite the tax changes and in spite of its status as a mature province, still presents substantial and exciting opportunities for organisations looking to invest. In fact, things have changed beyond all recognition since 2009 in terms of confidence and activity levels.”

Barclaysoil and gas teamUnited Kingdom