GIEK triggered Norwegian exports of NOK 28.5 billion in 2014

GIEK issued 163 new guarantees of NOK 21.4 billion in 2014. The guarantees triggered export contracts worth NOK 28.5 billion, NOK 0.5 billion more than in 2013. GIEK’s turnover in 2014 was NOK 1.5 billion, with NOK 734 million in profits. The guarantee portfolio was NOK 89.3 billion of which export from suppliers to the oil and gas industry represented 86 percent.


-2014 was a very active year with 163 new guarantees triggering Norwegian exports worth NOK 28.5 billion. Included in this were 44 vessels – mostly related to oil production – as well as two rigs, says Chief Executive Officer Wenche Nistad.

-2014 was a turning point for the oil industry, which dominates GIEK’s guarantee portfolio. A strengthened  US dollar and fewer cases of refinancing contributed to maintaining the portfolio on a high level throughout the year, says Nistad.

Expecting a tougher climate for the clients in 2015-2016 

-Several of our clients within the maritime sector will probably face financial problems in the time ahead due to a decrease in new orders. GIEK is prepared for this development and has increased our loss provisions to NOK 3.3 billion in 2014. On top of this we have accumulated capital for this purpose, says Nistad.

-We work closely with the banks to find a good solution to help the client get past the challenging time. And when GIEK pays, we can often regain parts or the whole amount, she underlines.

Renewable energy and SME in 2015

-GIEK will be a strong and predictable supporter for the exporters in both good and bad times. In 2015, we prioritize renewable-energy technology, small and medium size enterprises (SMEs), as well as company readjusting to enter new markets, says Nistad.

-We have together with Export Credit Norway simplified the application process for the users. In 2015, using us will be easier than before –and to some also more important than before, Nistad rounds off.

Presse contacts

Head of Communication Allon Groth, mob. +47 93251124 ,
Senior Communication Adviser Stine Rebekka Vikesland, mob. +47 92421533 ,

The annual report for 2014 is available in Norwegian here. English version will be available shortly.