Magseis
Important contract

Surveying the Red Sea with Norwegian seismic technology

The Norwegian company Magseis is supplying seismic technology for a survey of the Red Sea on assignment for BGP/Saudi Aramco.

The Norwegian company Magseis is supplying seismic technology for a survey of the Red Sea on assignment for BGP/Saudi Aramco.

“Export Credit Norway and GIEK have played an important role in enabling us to deliver under this very important contract with BPG/Saudi Aramco. With the financing in place, we have been able to invest in necessary expansion and to continue developing the company,” says Magseis CFO Mikkel Ektvedt.

Magseis’ seismic technology incorporates deliveries from several Norwegian suppliers. While Siemens has produced the company’s second-generation sensors, Frekhaug Stål has manufactured the sensor housings and Carl Stahl the cables.

“Siemens is very pleased to be able to offer Export Credit Norway’s favourable terms to its customers, and we consider it highly likely that more customers will wish to use this financing option in future,” says Ralph Pfaller from Siemens.

 

Export Credit Norway’s simplified financing products for smaller export contracts permit export financing to be provided to Norwegian purchasers in cases where the assignment is based abroad.

“Siemens’ involvement has been crucial in securing this funding for Magseis. By presenting this project, we hope to make more companies aware of the financing options on offer,” says Laila Johnsen from Export Credit Norway.

Export Credit Norway has provided a loan of NOK 30.6 million, guaranteed by GIEK.

Contact
Laila Johnsen
Laila Johnsen Ocean Industries +47 920 48 936 +47 920 48 936