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. Read More
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. Read More
Fred. Olsen Ocean topped Export Credit Norway and Teknisk Ukeblad’s list of the ten most significant Norwegian companies within the international renewables industry. Last year Fred. Olsen Ocean traded for more than one and a half billion NOK in the European renewable market. Top ten list Fred. Olsen… Read More
-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. Read More
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. Read More
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. Read More
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. Read More
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). Read More
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. Read More
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. Read More
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. Read More
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. Read More
