(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.
(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.
In the state budget for 2018, the Government proposes a new lending and guarantee scheme for buying vessels to be used in Norway from Norwegian yards.
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.
GIEK has issued a buyer credit guarantee for a Umoe Wave Craft crew vessel constructed at Umoe Mandal shipyard. Shipowner is Umoe Wind. The vessel, Umoe Firmus, will enter a six-month charter to operate on the Sharingham Shoal Offshore Wind Farm on the UK shelf.
GIEK has issued a buyer credit guarantee of NOK 16.8 million to Export Credit Norway in connection with the financing of a 2 000 tons offshore cable carousel supplied by Drammen Yard. DNB is co-guarantor in the transaction.
Participants to the Arrangement on Officially Supported Export Credits have agreed new rules on official support for coal-fired power plants, including restrictions on official export credits for the least efficient coal-fired power plants, the OECD announced in a press release 18 November.
The cooperation between the financial partners involved with Teekay’s floating production and storage unit (FPSO) Petrojarl Knarr was recently awarded “ECA deal of the year” by Marine Money Offshore. Senior Vice President Vibeke Stray has in collaboration with legal counsels Julianne Heltne and Cathrine Toset represented GIEK in the transaction.
-GIEK believes in the industry and will continue to support Norwegian exporters. But we are also taking our role as creditor seriously to make sure we break even in the long term, said GIEK’s CEO Wenche Nistad to a full house at Pareto’s oil and gas conference today. Cutting costs in the oil and gas industry was a key topic at the conference.
GIEK has issued a guarantee of USD 132 million for the financing of Songa Equinox. GIEK’s guarantee covers loan issued by Export Credit Norway and involves equipment supplied by Norwegian exporters including MHWirth, Kongsberg Maritime, Norsafe, Viking Life-Saving Equipment, Glamox, DNV GL, Cybernetics, and Aker Solutions.