Fjord1 Obtains New Loans

Norwegian ferry company Fjord1 ASA has obtained new loans from two banks.

The company said it has secured committed NOK* 4,458 million term and revolving facilities with DNB and Nordea.

“The facilities will be used to refinance existing indebtedness, secure funding of existing and planned investments and for general corporate purposes,” Fjord1 said in a statement.

As informed, the bank facilities are subject to signing of a facilities agreement.

Located in Florø, Fjord1 operates 61 ferries in islands and fjord crossing.

In the third quarter of this year, the company delivered a net profit of NOK 169.3 million, up by more than 9 percent when compared to NOK 155 million reported in the corresponding period a year earlier.

The company also saw an 11 percent rise in its revenue, which stood at NOK 761.7 million in Q3 2017, against NOK 689.1 million in Q3 2016. This rise has been attributed to “good traffic development within the ferry and torism segment.”

*NOK 1 equals USD 0.12