Byron Energy has entered an agreement to fund the construction of SM58 (South Marsh Island 58), its production platform in the US Gulf of Mexico. The Australian company said it had signed a binding secured promissory note with Crimson Midstream to borrow an initial amount of $15 million. The money will be used primarily for the ongoing construction of the production platform and pipelines at Byron’s SM 58 field offshore Louisiana.
California-based Crimson Midstream is a provider of crude oil transportation and storage services.