Sølvtrans Gets Fleet Financing

Sølvtrans has signed an agreement with DnB, Nordea, GIEK and Exportcredit Norway on bank financing of its fleet.

This financing give Sølvtrans the opportunity to further strengthen and consolidate its position as one of the leading wellboat companies in the world.

The new fleet financing includes refinancing of the existing fleet (13 vessels), construction financing and long-term financing of vessel under construction (1 vessel), and approved funding for two new wellboats if the company decides to contract them.

All long-term financing from DnB and Nordea is based on bank loans in accordance with ordinary commercial terms.

DnB and Nordea form a consortium in which both banks have a share of 50 % each in the refinancing of existing fleet-loan. GIEK and Exportcredit Norway are in addition involved in the long-term financing of the new vessel Ronja Polaris delivered autumn 2013, and Ronjafisk which comes for delivery in autumn 2014.

The new long-term financing of existing and new vessels have an overall frame of approx $213 million.

In addition come a facility for guarantees- and construction financing related to vessels under construction. The payback period on the loans are set to respectively 12.5 years for existing fleet, and 15 years for new vessels. The loan agreement also includes funding for Sølvtrans’ two vessels in Chile.

[mappress]
solvtrans, February 13, 2014