Buyer's Credit for Ship Export to PGS Titans AS in Norway
Support for Export of two Ramform Vessels Capable of High-accuracy, Wide-range, 3D Seismic Data Acquisition Built in Japanese Shipyard

• Region: Europe
• Marine and Aerospace
• Export Loans

1. The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Okuda) signed today two buyer's credit agreements with PGS Titans AS (PGS TITANS),  wholly owned by Petroleum Geo-Services ASA, a major seismic service provider. These two loans are cofinanced with Sumitomo Mitsui Banking Corporation (lead arranger) and each cofinanced portion is covered by Buyer's Credit Insurance from Nippon Export and Investment Insurance (NEXI).
    
2. The loans are intended to finance PGS TITANS' purchase of two Ramform vessels capable of high-accuracy, wide-range, 3D seismic data acquisition^*1 to be built at Nagasaki Shipyard of Mitsubishi Heavy Industries, Ltd. (at Nagasaki Shipyard).
    
3. Amid continued constraints to structure ship finance across the world, these loans will provide financial support for the export of ships built in Japanese shipyards, thereby contributing to maintaining and improving the international competitiveness of the Japanese shipbuilding industry.  
    
4. JBIC will continue to actively support the export of ships built in Japanese shipyards, which perform a significant role in the regional economy, including through employment creation and business dealings with associated industries, by cofinancing with private financial institutions and in partnership with the Shipbuilder's Association of Japan.  

Note

1. *1 A ship with 3D geological stratum analysis function and equipment. The exploration technique is to receive and analyze pressure wave reflections from the sea  sub-surface through a towed set of cables, and to convert this into a three-dimensional, geological maps.