Cases: Maritime

The last of three high-speed ferries delivered by Brødrene Aa

Financing from Eksfin was important when Brødrene Aa in Nordfjord won a contract with the Greek Attica Group. The last of three high-speed ferries has now been delivered from the shipyard.

Photo: Brødrene Aa

Facts:

Foreign client: Attica Group

Supplier: Brødrene Aa

Product: Three high-speed catamarans

Financing: Loan agreement with Eksfin to the sum of MEUR 10.29 with a 12-year repayment period. Eksfin has also guaranteed the loan

Brødrene Aa Shipyard has built three environmentally-friendly high-speed ferries for the Attica Group, the largest ferry operator in Greece. The third and last ferry was delivered in the summer from the Norwegian shipyard. The three high-speed ferries from Brødrene Aa were put into operation in the summer, and now ferries passengers between Pireus and various ports in the Saronic Gulf in Greece.

Buyer financing was important in getting the contract to Norway

The Attica Group has paid MEUR 21 (around MNOK 220) for the three vessels. The purchase was financed with a loan and guarantee from Export Finance Norway and the Alpha Bank in Greece.

The Attica Group financed the purchase with a loan amounting to MEURO 14.7, of which, Eksfin pays 70 per cent (both loan and guarantee). The Alpha Bank in Greece pays the rest.

Norwegian buyer financing through Eksfin was an important component in finishing the negotiations on the delivery of three vessels. It’s good to know that we have competitive financing solutions to promote Norwegian exports.

Tor Øivind Aa, General Manager of Brødrene Aa

For a Norwegian company such as Brødrene Aa, which competes in a highly competitive market, it’s an advantage to be able to offer potential buyers a package that also contains good financial solutions. This gives Norwegian shipyards an advantage over other countries that do not offer such financing. Thereby, Norwegian financing motivates foreign buyers to choose Norwegian suppliers of goods and services.

Solveig Frøland, Section Manager, Eksfin Maritime and Shipyards

Conscious environmental strategy

The Attica Group is a major ferry operator in the Mediterranean trafficking around 60 destinations in Greece, Italy, Morocco and Spain. The company has a very conscious environmental strategy and has implemented a range of initiatives related to energy consumption, air quality, waste management and emissions to water.

Read more about buyer financing

For the last 20 years, Brødrene Aa, which has a shipyard in Hyen, Nordfjord, has specialised in the building of energy efficient high-speed ferries made of carbon fibre. The three high-speed catamarans that Attica has ordered will be 36 metres long with a capacity to carry 150 passengers. They will operate at a maximum speed of 34 knots. The vessels are constructed in carbon fibre, an extremely light material which helps to reduce fuel consumption. In addition, the vessels are equipped with solar panels throughout the upper deck.

The solar panels contribute to making operations even more energy efficient. The passenger deck on the vessels also has a universal design, so the vessels are suitable for everyone.

Tor Øivind Aa, General Manager of Brødrene Aa