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 January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

U.S., India to Seal Nuclear Deal

The United States and India have reached a breakthrough on two issues holding up civil nuclear cooperation between them, U.S. President Barack Obama told a news conference in New Delhi on Sunday.

Hofste, Montijn Nominated to Supervisory Board Fugro

Fugro N.V. announces that the Supervisory Board of Fugro nominates Mrs. P.H.M. Hofsté and Mrs. A.H. Montijn for appointment as members of the Supervisory Board

U.S. Refinery Workers' Contract Talks Moving Slowly

With just a week of bargaining left until the national contract for U.S. refinery workers expires, the United Steelworkers union (USW) said talks with oil company

Shipbuilding

MSC Sinfonia Upgradation at Fincantieri Shipyard

Extension operations on MSC Sinfonia, the second out of four MSC cruise ships to undergo the Renaissance Programme of enhancements, have begunin the past days at Fincantieri shipyard in Palermo.

Irving Celebrates Canadian AOPS Build Contract

Government of Canada & Irving Shipbuilding mark signing of $2.3 billion AOPS build contract; 3,600 Jobs across Canada generated from Irving’s NSPS commitments to

Maran Orders 4 LNGCs from DSME

Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) will build four large Liquefied Natural Gas Carriers (LNGC) for Maran Gas.   The four LNGCs

Offshore

Hofste, Montijn Nominated to Supervisory Board Fugro

Fugro N.V. announces that the Supervisory Board of Fugro nominates Mrs. P.H.M. Hofsté and Mrs. A.H. Montijn for appointment as members of the Supervisory Board

Oil Platform Ablaze in the Gulf of Mexico

Fire broke out on an unmanned oil platform in the Gulf of Mexico approximately five miles south of Port Fourchon, La., the Bureau of Safety and Environmental Enforcement (BSEE) reported.

Subsea Crane Takes a Long Journey

Last September the test bed in Rostock was the stage of a single lift of the RL-K 7500 subsea crane. The same crane was then loaded and shipped to the South Korean customer.

Finance

U.S. Refinery Workers' Contract Talks Moving Slowly

With just a week of bargaining left until the national contract for U.S. refinery workers expires, the United Steelworkers union (USW) said talks with oil company

Obama, Modi Aim High on India Trip

In a fresh bid to make India an enduring strategic partner, U.S. President Barack Obama lands in New Delhi on Sunday for a highly symbolic parade and to nurture

Venezuela's PDVSA Debt rose 6.3%

Venezuelan state oil company PDVSA's consolidated financial debt rose 6.3 percent in 2014 compared with the previous year to reach $46.2 billion, the company said late on Friday,

 
 
Maritime Careers / Shipboard Positions Maritime Standards Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.3640 sec (3 req/sec)