IHC Merwede Nails Down Finance Agreement

Press Release
Thursday, April 05, 2012

A ceremony for the largest ever working capital guarantee issued by Atradius Dutch State Business – on behalf of the Dutch Government – took place on April 5, 2012 at IHC Merwede’s shipyard in Krimpen aan den IJssel.

With this finance agreement in place, IHC Merwede will start work on the construction of two pipe-laying vessels for its Malaysian customer SapuraCrest.

The ships are part of a recent offshore order worth €450 million and will install flexible pipelines in Brazilian waters, where large quantities of oil have been discovered. The delivery dates for the vessels, which will be built in The Netherlands, have been set for May and August, 2014, respectively.

IHC Merwede has signed a working capital finance facility of €200 million with its bank consortium, formed by ABN AMRO, BNP Paribas, Deutsche Bank, ING and Rabobank. The banks are providing the capital because Atradius Dutch State Business covers the repayment risk through a working capital guarantee in the main. The facility will be used by IHC Merwede to cover the construction costs.

The guarantee has been developed after close cooperation with the Dutch Ministries of Finance and Economic Affairs, Agriculture and Innovation, banks and exporting business. The overall aim is to promote the provision of working capital to Dutch capital goods exporters, so that they can have access to the required financial resources.

“We are delighted to have received this huge order in recognition of IHC Merwede being a supplier of high-quality technological vessels and equipment,” said IHC Merwede’s President, Govert Hamers. “Apart from the technology at our disposal, being able to offer a financial
package was decisive in securing this sale.”
 

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Liebherr to Deliver RTGs to Mayotte and Manila

Liebherr confirms orders for variable speed RTGs and electric RTGs. DPWorld Asian Terminals Inc. has placed an order with Liebherr Container Cranes for a further 5 RTGs at its Manila facility.

U.S. Navy Contracts 12 Rapid Response Skimmers

Kvichak Marine won a US Navy contract for 12 30-ft.Rapid Response Skimmers (RRS) for delivery over the next 18 months, with options for up to 30 additional skimmers to be delivered through 2019.

DP World Receives 1st Scheduled Vessel at New Terminal

DP World has yesterday welcomed the first scheduled vessel to call at its new Container Terminal 3 in Jebel Ali, Dubai, as it gears up to serve customers at the state-of-the-art facility.

Shipbuilding

Rederij Groen Takes Delivery of 7-Waves

Rederij Groen’s entire SRSV fleet built by Damen Maaskant Shipyards Stellendam. Dutch offshore services company Rederij Groen has taken delivery of the 7-Waves,

De Beers Orders Specialized Ship from Kleven

Kleven signed a contract with diamond company De Beers Marine Namibia, part of De Beers Group, on the building of a highly specialized vessel for deep water mineral exploration.

FMT Options for another Towboat from Eastern

Eastern Shipbuilding Group, Inc. announce that Florida Marine Transporters, Inc. of Mandeville, La. exercised another additional 90’x32’x10’ “Canal Class” Inland

Offshore

Rederij Groen Takes Delivery of 7-Waves

Rederij Groen’s entire SRSV fleet built by Damen Maaskant Shipyards Stellendam. Dutch offshore services company Rederij Groen has taken delivery of the 7-Waves,

New Oil Field Found in British North Sea

GDF SUEZ E&P UK Ltd and BP today announced a new exploration discovery in the UK Central North Sea. The discovery, which spans GDF SUEZ operated block 30/1f

Three Dead in Offshore Platform Accident

Three workers were killed and one is still missing after an accident at one of the offshore oil and gas platforms in the Caspian Sea in Azerbaijan, Azeri state energy company SOCAR said on Thursday.

Finance

WFW Advises ING Bank on $340m Loan Facility for Euronav

Watson, Farley & Williams (WFW) has advised ING Bank N.V. (ING) as sole bookrunner and facility agent for a syndicate of banks on a $340 million loan facility made available to Euronav NV.

Clean Marine Wins New Contract

Clean Marine has been selected by Hyundai Mipo Dockyard in South Korea to supply exhaust gas cleaning systems (EGCS) for two new MR tankers. IMO’s convention

Moore Stephens Expects Vessel Operating Cost to Rise

Vessel operating costs are expected to rise by almost three per cent in both 2014 and 2015, according to a new survey by international accountant and shipping consultant Moore Stephens.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Pipelines Pod Propulsion Salvage Ship Electronics Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1537 sec (7 req/sec)