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Loans for the Offshore Support Vessel Business of Japanese Shipping Company
Supporting the Japanese Shipping Industry to Enter Offshore Resource-related Business and Strengthening its International Competitiveness

  • Region: Europe
  • Energy and Natural Resources
  • Marine and Aerospace
  • Overseas Investment Loans
NR/2010-53
December 8, 2010
  1. The Japan Bank for International Cooperation (JBIC; President & CEO: Hiroshi Watanabe)*1  signed on December 7 (JST) two loan agreements with K LINE OFFSHORE AS, in which Kawasaki Kisen Kaisha, Ltd. (“K” LINE) holds a 95% equity share, for financing the offshore support vessel*2 business. The two loans, worth 96 million euro and 4.3 billion yen in total, were provided jointly by Mizuho Corporate Bank, Ltd. (co-lead arranger), The Bank of Tokyo-Mitsubishi UFJ, Ltd. (co-lead arranger), Mitsubishi UFJ Trust and Banking Corporation, Sumitomo Mitsui Banking Corporation Europe Limited and the Sumitomo Trust and Banking Co., Ltd.
     
  2. These loans will finance K LINE OFFSHORE AS for owning and operating the most-advanced, largest-class anchor-handling tug supply vessels (AHTS)*3  and large platform supply vessels (PSV). *4
     
  3. In “K” LINE Vision 100, a medium-term management plan prepared in 2008, K LINE set a strategy of expanding its upstream energy resource development-related business. Since then, the company has been actively involved in businesses related to offshore support vessels, deepwater drilling rigs, and floating LNG production vessels.
     
  4. Demand for offshore support vessels is expected to grow as the depletion of inland oil and natural gas fields leads to deepwater and offshore development of oil and natural gas resources.
     
  5. The Ocean Energy and Mineral Resource Development Plan, approved at a meeting of the Headquarters for Ocean Policy headed by the Prime Minister in March 2009, stipulates, “Japan should aim to develop methane hydrate and submarine hydrothermal fields in waters around Japan on a commercial basis in 10 years (by 2019).” This project enables subsidiaries of Japanese shipping companies to own and operate offshore support vessels, which are indispensable for offshore resource development, thus indirectly helping to secure a stable supply of strategic resources for Japan in the future. These loans are also expected to strengthen the international competitiveness of Japanese firms in offshore resource development through acquiring and improving technologies, management practices and know-how on the operation of offshore support vessels. The Basic Act on Ocean Policy, which came into force in July 2007, aims to strengthen the international competitiveness of Japanese “ocean industries.” JBIC will thus support the development and acquisition of strategically important resources as well as the international competitiveness of Japanese ocean industries.
Note
  1. *1 JBIC is the international wing of the Japan Finance Corporation (JFC; Governor: Shosaku Yasui).
  2. *2 Offshore support vessels assist the development and production of offshore oil and gas fields.
  3. *3 AHTS: An offshore support vessel primarily used for towing and anchoring oil production rigs as well as transporting their personnel and supplies to them.
  4. *4 PSV: An offshore support vessel primarily for transporting supplies and fuel to oil drilling rigs as well as water and food to their personnel. 

 

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