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.
GIEK has issued a guarantee of NOK 4 million to Innovation Norway, tied to a loan that they have granted the Norwegian company ECOsubsea. The financing is related to a cleaning station / cleaning robot for hull cleaning, which will be based in Southampton in England.
The Porsgrunn based firm Safe Link AS has developed and leased three "Heave compensators" to be used in major subsea installations for Technip and Subsea 7 - We could not have achieved this without loans and state guarantees from Export Credit Norway and GIEK, says CEO of SafeLink AS, Ole Henning Christiansen.
In the first four months of the year GIEK has seen an increased demand from renewable energy and inland industries, while oil and gas face demanding conditions. GIEK has issued new guarantees for NOK 8.2 billion from January to April, which triggered NOK 16.2 billion in export contracts. Meanwhile, GIEK has set aside an additional NOK 0.9 billion in its accounts to cover future losses.
GIEK has issued a guarantee to Export Credit Norway for loans of up to USD 62 million in connection with the Norwegian company Scatec Solar to build solar power plant Agua Fria in Honduras of 60 megawatts (MW).
In accordance with the Government’s forthcoming Maritime Strategy, the Ministry of Trade, Fisheries and Industry (MTFI) has modified the requirement for 20 percent up-front payment to the yard before delivery.
The sale of three gas engines for use in a power plant in the Yangoon area in Myanmar was completed this month when GIEK issued a guarantee for a local power production company. This mark the first export supported by a GIEK guarantee since Myanmar opened up to the outside world in 2011.
GIEK has, in collaboration with Export Credit Norway and DNB bank, the pleasure of inviting clients and partners to breakfast and lunch seminars in Molde, Kristiansund, and Ålesund during the first week of May.
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.
Overaasen, StormGeo and Leroy Seafood Group are among the 12 nominated for the Export Award 2015, which will be handed out at the Exportkonferansen conference 9 April.
-Export Credit Norway and GIEK’s new product for export contracts below NOK 100 million is a door opener for many, including small and medium size enterprises (SME), to make use of government export funding, said Martin Daun, partner in Optimo Finance following Export Credit Norway and GIEK’s breakfast seminar and webinar on renewable energy last week. He believes this will lead to closing of more projects.