- Region: Europe
- Marine and Aerospace
- Export Loans
March 11, 2014
The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Watanabe) 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 in the Kingdom of Norway (Norway), for funding the purchase of two Ramform vessels capable of high-accuracy, wide-range, 3D seismic data acquisition (Ramform vessels) *1. 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).
PGS, the ultimate user of these vessels, is headquartered in Norway and is the major service provider for seabed resource exploration services. The loans are intended to finance PGS TITANS' purchase of two Ramform vessels to be built at Nagasaki Shipyard of Mitsubishi Heavy Industries, Ltd. (at Nagasaki Shipyard). These are the second loans following ones*2 for two vessels in October 2012.
These loans will support the export of ships built in a Japanese shipyard which performs a significant role in the regional economy and associated industries, including their mid-tier enterprises and small and medium-sized enterprises (SMEs). Thus, these loans will contribute to maintaining and improving the international competitiveness of the Japanese shipbuilding industry.
As Japan's policy-based financial institution, JBIC will continue to support the export of ships built in Japanese shipyards in partnership with the Shipbuilders' Association of Japan, by drawing on its various financial facilities and schemes for structuring projects and performing its risk-assuming function.
- *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.
- *2 See Press Release on October 10, 2012.