GIEK during the Corona epidemic
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On 1st of July 2021, Export Credit Norway and The Norwegian Export Credit Guarantee Agency (GIEK) will merge into Export Finance Norway (Eksfin), Eksportfinansiering Norge in Norwegian.
GIEK (The Norwegian Export Credit Guarantee Agency) has had a strong focus on working conditions at shipyards for over a decade, and in many cases have observed labour rights related risks and issues at the yards. Having poor controls of labour rights, as well as poor working conditions at a shipyard should not be a competitive advantage. We have therefore seen a need for a practical guidance on labour rights risks and working conditions in the sector, as well as guidelines for assessing such risks.
For the first time GIEK has provided financing for the installation of battery packs onboard two platform service vessels (PSVs). The hybrid propulsion helps secure new contracts for the ships, Norwegian companies deliver the hardware and installation, and Norwegian emissions are reduced. The industry appreciates GIEK’s support. (Photo: Gunder Tande Sandersen)
Teekay Offshore has secured long-term financing from the Norwegian Government for four new shuttle tankers being built at Samsung Heavy Industries (SHI) in South Korea.
Ukraine is utilizing Norwegian solar power to reduce its use of coal and nuclear energy. The Norwegian state guarantees NOK 145 million of the funding for a new 54 MW solar power plant located south of the capital Kiev. GIEK has provided NOK 1 billion (EUR 100 million) in guarantees for a number of solar projects in Ukraine in 2019.
In June, Brazil’s oil company Petrobras received guarantees from GIEK, the Norwegian Export Credit Guarantee Agency, for a total amount of USD 500 million. The guarantees, covering loans from a number of international banks, will finance services from Norwegian offshore support vessel companies operating on behalf of Petrobras in Brazil.
GIEK has participated in the financing of “Color Hybrid”, the celebrated Ship of the Year at the NorShipping exhibition in June. The ship will be delivered from Ulstein Shipyard in July. 70 per cent of the ship's value consists of deliveries from specialised sub-suppliers in the Norwegian maritime cluster.
GIEK played a key role in financing the vessel, that contains substantial Norwegian exports for the Norwegian shipyard and dozens of sub-suppliers.
June 15 Le Laperouse was delivered, the first cruise ship in a series of several new ships from Vard Group. Vard Søviknes yard now has full capacity utilization, and the group’s shipyards will supply cruise ships to several well-known actors on a continuous basis until 2021. GIEK is central to the funding of all vessels and in the conversion of Norwegian shipyard from mainly offshore vessels to other types of vessels to new markets.