With Norwegian export financing

Billion-kroner Australian contract for OneSubsea

Supported by export financing from Export Credit Norway, GIEK and DNB, OneSubsea is preparing to deliver subsea technology worth more than NOK 1 billion to the Australian oil giant Woodside.

Supported by export financing from Export Credit Norway, GIEK and DNB, OneSubsea is preparing to deliver subsea technology worth more than NOK 1 billion to the Australian oil giant Woodside.

Although the supplier industry has faced difficult conditions for several years, Export Credit Norway, GIEK and guarantor banks are helping to secure important export contracts.

“This agreement is a good example of how Norwegian exporters can benefit from the Norwegian export financing scheme,” says Olav Einar Rygg, Director Ocean Industries at Export Credit Norway.

To finance the purchase, Woodside has taken up a USD 100 million loan from Export Credit Norway, guaranteed by GIEK (90%) and DNB (10%). The loan agreement was signed at the end of January.

“Good cooperation between commercial banks and the export credit scheme is important to us. We are very pleased that our collaboration with DnB on this transaction has been so productive, not only facilitating the financing solution but also enabling us to build a relationship with Woodside. We look forward to working together on further agreements of this kind in future,” says GIEK CEO Wenche Nistad.

OneSubsea Processing AS is one of Norway’s leading exporters, with sales of around NOK 3 billion a year. A considerable proportion of the company’s production occurs in Norway. Together with its sub-contractors, Subsea comprises one of Norway’s largest employers in the oil and gas sector.

Woodside is Australia’s largest energy company, and has substantial international operations in both the oil and gas sectors. OneSubsea will deliver pumps for installation on the seabed in the Australian “Greater Enfield” oil field, one of Woodside’s most important new developments, where they will serve the field’s numerous well streams. The contract was signed last summer, and the equipment is scheduled for delivery in the first half of 2018.

“We are in constant contact with a range of exporters and buyers who are evaluating new projects. Enquiries are also increasingly coming from international purchasers looking to Norway for equipment and services,” says Rygg.

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