GIEK shares their perspectives on a demanding market situation

- 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 is a professional financial institution with special competence within the offshore sector. GIEK have a well experienced analytical team following the relevant markets on a daily basis as well as a legal department. GIEK therefor possess all the necessary instruments to protect the creditor position. We will make our own decisions based on what we think will serve our and the taxpayers’ interest best and we focus on being constructive in accordance with our core values. We anticipate the situation to be a long-lasting crisis, and we will act accordingly, said Nistad.

GIEK will in most cases hold a first priority mortgage in the vessel, and will rank pari passu with one or more financial institutions, thus being in the group of the best positioned creditors in case of a potential default and/or restructuring case.

We believe in the industry and therefore we will try to beware the competence, industry knowledge and the modern high-technology knowledge. GIEK will not support or protect financial investors included bond investors due to that GEIK’s role is to support the Norwegian Export Industry, accentuated Nistad. Nistad further said that their obviously will not be no standard method applied and that every case has to be treated individually.