GIEK and Export Credit Norway finance export of offshore cable carousel

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.

Buyer is the Swedish company Drammen Offshore Leasing, which specializes in offshore carousel rentals. Drammen Yard is a known producer of offshore carousels designed so that offshore service vessels such as platform supply vessels (PSVs) and anchor handlers (AHTS), among others, can operate as cable laying vessels within few days – “plug and play”. As of today, the solution from Drammen Yard is the world’s only solution for enabling fitting and lifting of a fully loaded cable carousel. With mobile cable-laying equipment, offshore vessels can move straight from an ordinary offshore assignments one week, to function as a cable layer the next. This creates a valuable and attractive flexibility for shipowners

Photo: Drammen Yard

In 2014, a similar export transaction was completed by Drammen Yard to Drammen Offshore Leasing with financing from GIEK.

A buyer credit guarantee may be appropriate if you wish to offer, or your purchaser requests, financing in connection with an export contract. Read more about buyer credit guarantee here.