Cases: Maritime

Calypso makes waves for Van Oord with EUR 104m Green Loan from Norway’s Eksfin

About Van Oord

Van Oord is a Dutch family-owned company with 150 years of experience as an international marine contractor. The focus is on dredging, land infrastructure in the Netherlands, offshore wind and oil & gas infrastructure. Its head office is in Rotterdam. Van Oord employs 5,000 staff, who worked in 2019 on 200 projects in 44 countries. The fleet consists of about 70 vessels and a large amount of special-purpose and auxiliary equipment.

Schaardijk 211, 3063 NH Rotterdam, Nederland

Following final outfitting at the Vard Brattvaag shipyard in Western Norway, the custom-built vessel was named in September 2023 in Rotterdam. The Calypso’s first job is on a transmission cable project linking Ireland and France.

Booking at VARD unlocks Government-backed loan

Van Oord secured the EUR 104m green corporate loan by selecting Norway’s VARD Group as shipbuilder and system integrator. It is Van Oord’s first transaction with Eksfin and Norway’s DNB Bank as loan arranger, as well as its first vessel ordered from a Norwegian shipyard.

“Ordering the ship formed part of our commitment to achieving carbon neutrality by 2050 in line with the Paris Agreement. We chose VARD as the builder mainly because of their reputation for quality, securing the delivery slot we wanted and the price they offered. Building in Norway also opened the door to financing from Eksfin, which issued the Green Loan based on the intended purpose of the Calypso in the global energy transition,” said Van Oord CEO Pieter Van Oord.

Eksfin bears the majority risk of EUR 72.8m while DNB Bank is providing a loan guarantee covering the remaining amount.

Enables expansion of offshore wind

With their long experience in the offshore market, Norwegian shipbuilders are very competitive in building high quality complex vessels like the Calypso.

“Our door is always open to enquiries from other shipowners looking for ways to finance similar green newbuilding projects. We also provide loan guarantees and contract delivery guarantees to support project financing for offshore wind developers premised on their purchase of Norwegian goods and services,” says Solveig Frøland, Eksfin Head of Maritime/ Yards

High energy efficiency

The Calypso was built to the VARD 9 02 design developed by Vard Design in Ålesund and is equipped with the latest technologies to reduce operational carbon footprint. With capability to run on biofuel, it also has future-ready engines in anticipation of e-fuels. Together with a large battery pack, shore supply connection and state-of-the-art energy management system, the hybrid set-up will significantly reduce emissions of CO2, NOx and SOx.

Primary hull construction was carried out at VARD’s Tulcea shipyard in Romania. Norwegian power electronics subsidiary Vard Electro delivered an integrated SeaQ package including advanced bridge and navigation, power, communication, and automation control solutions, while Norway’s Vard Accommodation supplied the HVAC-R (heating, ventilation, air conditioning and refrigeration) and piping systems, as well as interiors.

The vessel is fitted with a cable carousel on deck and a second, below-deck carousel, suitable for laying two cables simultaneously.