Bridge Energy seals funding to restart field

North Sea oil firm Bridge Energy is restarting production from its Duart field after securing £86 million of funding from a consortium of lenders headed by RBS.

Oslo-listed Bridge, which was formed in 2010 by a merger of Aberdeen-based Silverstone and Norwegian Bridge Energy, recently secured two significant credit facilities from a syndicate of banks including RBS.

Sign up to our daily newsletter

The i newsletter cut through the noise

A £42m refinancing package from a syndicate led by RBS’s oil and gas team provided cash for its acquisition of a 50 per cent equity interest in Duart and for the development of its Victoria II gas field in the North Sea.

RBS was also instrumental in the provision of a £44.8m exploration financing facility to support Bridge’s campaign in Norway over the next three years.