News: Fisheries and aquaculture

Financing for Aker BioMarine’s krill harvesting vessel

This content was published before 1 July 2021 by GIEK or Eksportkreditt Norge

The cutting-edge Arctic Endurance, which has been built at the Vard Brattvaag shipyard in Haram Municipality, Møre og Romsdal County, will be christened in Ålesund today. The vessel is the first to benefit from the revised export financing that provides financing for Norwegian purchasers of krill harvesting vessels built at Norwegian shipyards and intended for use in foreign trade. The new financing facility was announced by Prime Minister Erna Solberg at a conference in Haram in February 2017. Read more here

Promoting Norwegian exports

Export Credit Norway is a state-owned limited liability company which provides Norwegian and foreign companies with loan financing for purchases of goods and services from Norwegian exporters. “Our job is to help Norwegian exporters to succeed internationally. VARD is to be congratulated on winning this prestigious assignment. I hope that our competitive financing offer played a role in Aker BioMarine’s selection of a Norwegian shipyard. We are very pleased to be financing a krill-harvesting vessel through the new scheme,” says Export Credit Norway CEO Otto Søberg. Export Credit Norway’s loan to Aker BioMarine totals USD 113 million, and has a maturity of 12 years. The guarantors are GIEK (60%) and DNB Bank ASA (40%). More than 40 Norwegian sub-contractors were involved in the construction work, which took two years. Over 900 persons have worked hard to ready the vessel for the 2019 season. “I am impressed by this magnificent ship which VARD and numerous sub-contractors in the western Norway maritime cluster have built,” says Søberg.Vard

Illustration: Vard / Aker BioMarine

Specially designed for krill harvesting

Antarctic Endurance, Vard Brattvaag’s 883rd build , measures 129.6 metres in length and has a breadth of 23 metres. It is the world’s first dedicated krill-harvesting vessel, and was jointly designed by Aker BioMarine and Vard Design in Ålesund. The contract price of the ship is USD 141 million. “We have had to draw on all of our experience and knowledge to achieve our ambitious aims and meet the operational needs arising on this type of vessel. This is a unique ship in every way, and the first in the world to be designed specifically for krill-harvesting operations,” says Aker BioMarine CEO Matts Johansen. After delivery, Antarctic Endurance will relocate to the Southern Ocean, where it will harvest krill for large parts of the year. In addition to krill harvesting and production, sale and marketing of krill-based products, Aker BioMarine also conducts research into new product applications and harvesting methods. Aker BioMarine is one of two companies in Norway licensed by the Norwegian authorities to harvest krill. It cooperates with environmental organisations and has invested substantial resources to ensure that its operations are sustainable. Five nations currently harvest krill, an activity that is strictly regulated by the Commission for the Conservation of Antarctic Marine Living Resources (CCAMLR). The commission was established to manage marine resources in the Southern Ocean.