For many years, Norway enjoyed the benefits of open and stable global trade, good market access for our exports, high oil and gas revenues, as well as affordable and available electricity. In 2024 tensions in international trade increased and from the beginning of 2025 trade conflicts have escalated further. Global trade conflicts entail uncertainty about continued market access for Norwegian exports to key markets.
At Eksfin, we see that exporters and importers face higher political risk in their business dealings. The increased risk can slow down investments, stall contracts, and may lead to more strained finances. Small and medium-sized enterprises are particularly vulnerable.
Companies that operate internationally benefit from partners with capacity to bear increased risk. An experienced financing partner with a solid international network and expertise in risk management, with capacity to take large stakes in transactions, and the patience to manage risk over many years are essential.
This is precisely the core of Eksfin’s mission. Eksfin is a valuable financial supporter of Norwegian exports – in the same way that our sister organizations in other countries support their exporters.
In 2024, Eksfin has prioritised strengthening our customer activity and market contact. Through customer meetings, trade fairs, conferences, and digital marketing, more people in our largest export industries, potential buyers of Norwegian goods and services abroad, as well as banks both in Norway and abroad, have become more aware of Eksfin’s offerings.
Eksfin finances its own operations. As a result, we must ensure that our revenues over time surpass claims paid. It is gratifying to see that losses are significantly decreased, loss provisions are reduced, and we have built up our liquidity reserves. This gives Eksfin more capacity to support exporters through the challenging times ahead.
Eksfin provides Norwegian exporters with competitive financing together with commercial banks. Eksfin’s strategy reflects the needs of Norwegian industries. Therefore, the board has included fisheries and aquaculture among our market priorities together with green maritime, green industry, offshore wind, and small and medium-sized enterprises.
Norwegian energy companies continue to invest to diversify and transform. The Norwegian energy industry has taken an impressive international position in the growing global offshore wind sector. So far, Eksfin has, in cooperation with international banks and export credit agencies financed NOK 40 billion worth of Norwegian exports to international offshore wind projects. In 2024, demand from the sector declined, but ongoing customer dialogues indicate renewed growth in 2025 and beyond. Our advisers are in dialogue with Norwegian companies involved in hydrogen and CCS, and I am optimistic that we will see more transactions within additional climate friendly industry.
In client meetings along the coast, I experience optimism among the shipyards. The optimism is rooted in growing orderbooks, which for Eksfin leads to higher demand for our construction loan guarantees for shipbuilding. In the green maritime industry, Eksfin has financed approximately 40 ships that use environmentally friendly fuel or reduce harmful emissions through new technology. More than 30 of these are offshore wind vessels. International demand for advanced offshore wind vessels contributes significantly to Møre og Romsdal being the region that has benefitted most from Eksfin’s financing in 2024.
Europe is by far Norway’s most important export market. As much as 65 percent of all Norwegian exports go to the EU, and 85% when the United Kingdom is included . This composition is also reflected in Eksfin’s portfolio. We see increased demand for Norwegian exports to Asia, particularly from offshore wind. Ukraine has expressed a desire to purchase Norwegian technology to safeguard the country’s energy sector. Norwegian businesses want to contribute, and Eksfin now has a mandate to support Norwegian exports to Ukraine.
In 2025, Norwegian export companies need strong financing partners who are proactive, solution-oriented, and solid. Our ambition is that our customers should always be able to find precisely this in Eksfin.
I would like to thank all our customers, banks, and partners for their trust, and all employees for their dedicated efforts for Norwegian exports.
Tone Lunde Bakker, CEO
