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GIEK played a key role in financing the vessel, that contains substantial Norwegian exports for the Norwegian shipyard and dozens of sub-suppliers.
The Indonesian market is large and growing steadily: 5.1 per cent growth in 2017, aiming for 5.3 per cent in 2018. This strong economic performance has attracted new investments in recent years. Resolute politicians, led by President Joko Widodo, have effectively cracked down on corruption and improved the business climate for domestic and foreign investors alike.
A new long-term power purchase agreement has been entered into between Guleslettene Vindkraft and the aluminium producer Alcoa Norway ANS. GIEK has contributed by guaranteeing Alcoa Norway's payment obligations. This is GIEK's third power purchase guarantee issue since October 2017.
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.
GIEK is proud to be one of the participating members of the new UN Action Platform on Sustainable Ocean Business, along with other members such as DNB, NBIM, Equinor and ABN Ambro.
A strong export credit scheme and normalised relations with China are creating new opportunities for Norwegian exporters. Supported by financing from Export Credit Norway and GIEK, the Oslo-based company Alfsen og Gunderson has won a EUR 3 million contract with the Chinese company Anhui Taipingyang Special Mesh Industry Co.
(Press release) GIEK is the Norwegian Government’s largest financial institution for exports, with total exposure limits of NOK 183 billion. In 2017, the volume of applications increased by 27 per cent to 38.6 billion. While the oil service portfolio fell from 86 to 79 percent, renewable energy, aquaculture and other industries increased from 14 to 21 percent. New guarantees totalling NOK 11.8 billion triggered contracts worth NOK 21.5 billion for Norwegian companies and helped maintain 9600 jobs. "GIEK facilitates industrial transition and innovation throughout Norway, a process that continues in 2018," says Ms. Wenche Nistad, GIEK CEO.
Eolus Vind Norge AS will build a new wind power station at Øyfjell in Vefsn municipality, Nordland County. The generated electricity will be sold to the aluminium producer Alcoa Norway ANS under a long-term contract, for use at the company’s Mosjøen smelting plant. Electricity purchases under the contract are expected to total around 1.2 TWh per year for the next 15 years. GIEK is providing a EUR 256 million (approximately NOK 2.5 billion) state guarantee in respect of Alcoa Norway ANS’s contractual payment obligations.
The American expedition cruise and adventure travel company Lindblad Expedition Holdings Inc. (“Lindblad”) has received financing from Export Credit Norway and GIEK for a new polar expedition vessel from Norway based Ulstein Verft shipyard.
In the new online hub for responsible business, you will find information on available guidelines and corporate social responsibility requirements expected by GIEK, Export Credit Norway, Innovation Norway, Norfund, Norad, Ministry of Foreign Affairs, The Research Council of Norway, and the OECD National Contact Point Norway. The OECD National Contact Point for Responsible Business Norway manages the website.
The Norwegian seafood industry is expected to growth extensively in the years to come. The total marine value creation can potentially reach NOK 550 billion in 2050. The same year, the supplier sector of the industry could alone reach a turnover value of NOK 124 billion. With a new set of tools better suited for the seafood industry, GIEK hopes to take on a greater role in the industry’s further growth in Norway and abroad.
In 2016, China imported goods and services for USD 1.95 trillion and is one of the fastest growing markets in the world. China represents a huge opportunity for Norwegian exporters, and GIEK and Export Credit Norway already work on several large projects within land-based Norwegian export industry in China.
Wind power projects Kvitfjell and Raudfjell enter into long-term power agreement, guaranteed by GIEK
(Oslo, 26 October 2017) Aluminum company Alcoa Norway has secured renewable power from the wind power plants at Raudfjell and Kvitfjell, to be built by Prime Capital on Kvaløya, 30 km west of Tromsø. GIEK issues a guarantee for the power purchase contract.
Innovation Norway, Export Credit Norway and GIEK supported Inrigo in closing a deal for a drinking water facility in Cameroon. The supply of four complete drinking water facilities to the state-owned company Camwater in Cameroon is one of the largest Norwegian export contracts to an African country, excluding the oil industry, in recent years.
13-15 September, GIEK and Export Credit Norway invited environmental and social rights experts, from the practitioners of the OECD Working Party on Export Credits and Credit Guarantees, to Svalbard to discussions on the conditions in the Arctic.
June 29, 2017, Monica Mæland, Minister of Trade and Industry, launched GIEK's new lender guarantee for export-related investments in Norway. The Federation of Norwegian Industries had advoacted the need for this scheme and participated in the launch. The guarantee shall contribute to the realignment in Norwegian industry, and expands GIEK's services towards a broader set of industries.
“In the first half of the year we worked to strengthen cooperation with the banks and open up new export markets. Exporters should make use of the opportunities in state export financing as a competitive advantage and to enter into new markets,” says CEO Wenche Nistad.
The Italian drilling and E&C company Saipem has agreed a new credit facility for the purchase of Norwegian offshore technology for up to EUR 667 million (6.2 billion NOK). The purchases will be financed with EUR 554 million (5.2 billion NOK) in loan guarantees, primarily from The Norwegian Export Credit Guarantee Agency GIEK, linked to debt financing from Export Credit Norway AS and banks.
Bergen Engines has won a contract with the Abul Khair group in Bangladesh, backed by guarantee and loan from GIEK and Export Credit Norway. The contract involves the sale of eight gas engines and related services in the construction of a 75 MW gas-based power plant.
- We have received great interest from Norwegian since the sanctions [against Iran] were removed. It is then our job to see how we can contribute, Wenche Nistad, CEO of GIEK, told Norwegian newspaper Dagens Næringsliv (DN) in an article 13 June about increased interest in Iran among Norwegian companies.
GIEK has issued a pre-shipment guarantee to Havyard Design & Solutions for a design and equipment package for an offshore wind service vessel (Havyard 831 SOV) to be constructed for Denmark-based Esvagt at Cemre Marin Endustri in Turkey.
On 13 April, Export Credit Norway, GIEK, GIEK Kredittforsikring and Innovation Norway hosted their first joint Export Course. Video of the various speakers is available under the link below. Take a look and learn how to seize opportunities abroad while avoiding export traps.
Do you have a potential buyer abroad? Improve your chances of winning the contract with state financing, reduced risk and simple administrative arrangements.
April 12th the annual Export conference (Eksportkonferansen) was arranged in Oslo. Almost 400 attendees was presented presentations from the industry as well as the three institutions arranging the conference- GIEK, Export Credit Norway and GIEK kredittforsikring.
Bergen-based StormGeo received the Export Award 2016 (Eksportprisen) in front of several hundred attendees at the annual Eksportkonferansen conference at Gamle Logen in Oslo.
-Power-intensive industries depend on a predictable long-term power price in order to plan and run their businesses. Power is often the main input in these industries, and our guarantees can help these industries secure long-term power purchase agreements, says Odd Solheim, First Vice President at GIEK.
GIEK has issued a buyer credit guarantee of EUR 1 220 618 in the financing of a robotic storage system (AutoStore) delivered by Element Logic to UAB Devold in Lithuania. The guarantee covers loan from Export Credit Norway.
GIEK has issued a buyer credit guarantee of USD 230.4 million in the financing of TechDOF Brasil’s new pipelay support vessel (PLSV) Skandi Acu. The guarantee covers loan from Export Credit Norway.
- The industry and GIEK have grown side by side. We have shared the success, now we share the responsibility to chart a new course through the troubled waters that we are in, said GIEK’s CEO Wenche Nistad at this year annual Astrup Fearnley Shipping & Offshore Conference.