Cases: Maritime

Norwind Breeze converted from an offshore vessel into an offshore wind vessel with financing from Eksfin

‘In the absence of Norwegian offshore wind farms, the Norwegian maritime industry must concentrate on the export market. When Eksfin cooperates with private owners and banks, more and larger export efforts take off,’ says Tone Lunde Bakker, CEO of Eksfin

VARD
Photo: Tone Molnes

Facts

Vessel: Norwind Breeze

Shipyard: Norwind Offshore

Loan from EksfinMEUR 18

Guarantee: Sparebanken Vest and Eksfin provide guarantees, of which, Eksfin guarantees MEUR 13.

Norwind Offshore, a shipyard in Ålesund, was established in 2021. Norwind Offshore is a new shipyard, but has extensive experience through owners and organisation. The company now hopes that its commitment to renewable energy and offshore wind turbines may become the new fairy tale in the North West.

Notenesgata, Ålesund, Norge

Already out on assignments

The offshore wind vessel, Norwind Breeze, was handed over from Vard at the end of May. The vessel has been specially developed for service and maintenance operations on offshore wind farms. After delivery, it immediately went on assignment for Ørsted in the Hornsea 2 zone on the UK continental shelf.

The owner is the new Norwind Offshore Shipyard in Ålesund established in 2021. The company is also getting a new offshore wind vessel, Norwind Gale, which according to the plan will be delivered by Vard Group Norway in May 2023. Eksfin contributes to the financing of both vessels. The two vessels are part of a building programme consisting of five vessels specially developed for global service and maintenance operations for offshore wind farms.

Financing from Eksfin

In cooperation with Sparebanken Vest, Eksfin has financed Norwind Breeze through loans from Eksfin amounting to MEUR 18, of which, Eksfin’s share of the risk for the loan is MEUR 13. The remaining amount is guaranteed by Sparebanken Vest.

Financing from Eksfin and our local banks is welcomed, as we have now started building up a new offshore shipyard in Ålesund. Finding solutions with Vard, who is building a circular economy in practice, is motivating for us. The collaboration between shipping companies, shipyards, equipment suppliers, Eksfin and the banks enables us to develop the most environmentally-friendly and future-oriented offshore wind vessels in the trade. With these vessels, Norwind Offshore will be able to help solve the challenge that lies ahead of us in implementing the green shift.

Svein Leon Aure, CEO of Norwind Offshore

Sparebanken Vest is proud of being selected as a financial cooperation partner for Norwind Offshore. We know the owners and management as typical citizens of Western-Norway, who share our vision with a clear objective of building a company that contributes to and produces positive sustainable ripple effects for the local community. A tight and good cooperation with Eksfin has made this possible.

Marte Tennebø Rødset, Assistant Bank Manager of Sparebanken Vest

The Norwegian supplier industry and technology form the basis for Eksfin’s contribution to the financing of offshore wind vessels when building work is carried out in Norwegian shipyards and shipyards outside Norway. It’s good to know that more Norwegian shipping companies have established themselves as reliable actors in a highly competitive global offshore wind industry. This is possible because of the strong competition in the Norwegian maritime industry.

Jan Borø, Senior Account Manager at Eksfin

Emphasis on a circular economy and the green shift

Norwind Breeze was originally an offshore service vessel for the oil industry delivered by Vard Vietnam in 2015. It has now been converted for use in the offshore wind market, and during its christening, it was said that the vessel symbolises the transition from oil to offshore wind. The vessel has a battery system which contributes to reduced emissions.  

Eksfin is concerned with promoting a more climate-friendly Norwegian fleet by either financing new vessels for offshore wind farms, more emission-friendly vessels or converting existing offshore vessels for the offshore wind industry.

Tone Lunde Bakker, CEO of Eksfin.