JCIB Supports PGS TITANS’ Purchase of Two Ramform Vessels

The Japan Bank for International Cooperation (JBIC) signed two buyer’s credit agreements with PGS Titans AS, owned by Petroleum Geo-Services ASA, for funding the purchase of two Ramform vessels capable of high-accuracy, wide-range 3D seismic data acquisition.

These two loans are cofinanced with Sumitomo Mitsui Banking Corporation and each cofinanced portion is covered by Buyer’s Credit Insurance from Nippon Export and Investment Insurance.

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. These are the second loans following ones 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. 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.