- Region: North America
- Marine and Aerospace
- Export Loans
July 21, 2015
The Japan Bank for International Cooperation (JBIC; Governor, CEO: Hiroshi Watanabe) signed on July 17 four buyer's credit agreements with Teekay Offshore Partners L.P. (Teekay Offshore)*1, a core subsidiary of Teekay Corporation, an international shipping company with its principal operating office in Canada, to purchase four anchor handling tug (AHT)*2 vessels. The loans are co-financed with Citibank Japan Ltd. (lead arranger) and Sumitomo Mitsui Banking Corporation, with Nippon Export and Investment Insurance (NEXI) providing Buyer's Credit Insurance for each co-financed portion.
Teekay Offshore is one of the world's leading providers of offshore logistics and production services with a world-class fleet of shuttle tankers, floating production storage and offloading (FPSO) units, floating storage and offtake (FSO) units, long-distance towing and offshore installation vessels and units for maintenance and safety (UMS). The loans are intended to finance the purchase of four AHT vessels with 300 tons BP*3 pulling capacity, to be built by Niigata Shipbuilding & Repair, INC., a Japanese shipbuilder.
The loans financially support the export of vessels built by a Japanese shipbuilding company with subcontractors from associated industries including mid-tier enterprises and small and medium-sized enterprises (SMEs), which perform a significant role in the regional economy, thereby contributing to maintaining and strengthening 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 by Japanese shipbuilders, in partnership with related organizations including the Shipbuilders'Association of Japan, by drawing on its various financial facilities and performing its risk-assuming function.
- *1 The company is registered in the Republic of the Marshall Islands.
- *2 An AHT is a support vessel for offshore oil and gas field development and production, and engages mainly in towing and anchoring oil production rigs and transporting supplies and workers to and from the rigs.
- *3 BP is the abbreviation for Bollard Pull and refers to the towing capacity of a watercraft. These particular vessels have a tractive power of 300 tons.