Looking for a specific product?

Make a search for products & suppliers, articles & news.

More Export Credit loans to Clean Technology

Export Credit Norway disbursed NOK 3.3 billion in loans in the third quarter of 2015 (Q3 2014: NOK 8.8 billion). While the application volume relating to offshore industries is falling as expected, the number of applications linked to industry and clean technologies is increasing strongly.

In the third quarter, Export Credit Norway received 32 applications (Q3 2014: 25) from companies in the industry and clean technologies sector. The total application volume was NOK 8.5 billion, more than double the figure for the same period last year (NOK 3.7 billion).

INDUSTRY AND CLEAN TECHNOLOGY INCREASE

Export Credit Norway CEO Jarle Roth points out that the increase in applications and application volumes cannot be attributed to a “green shift”:

“The last two quarters have seen a welcome and significant increase in the number of applications relating to industry and clean technologies. The rise is due to a combination of a depreciated Norwegian krone, more intensive marketing and a simplified application process for this sector. Still, the most important task remains: applicants have to win the contracts they are bidding for,” says Roth.

In Q3 2015, Export Credit Norway received 62 loan applications (Q3 2014: 68) representing a total application volume of NOK 19.6 billion (Q3 2014: NOK 31.2 billion).

Applications from the oil and gas equipment sector have traditionally related to drilling rigs and drilling ships. In the third quarter, however, Export Credit Norway experienced a shift in application subject matter, with a new focus on subsea equipment and other new-field development technology. Although the number of applications received in Q3 2015 was on a par with Q3 2014, the application volume has declined by 34%.

In the maritime sector – ship financing and ship equipment – both the number of applications and the application volume declined compared to Q3 2014, by 34% and 74%, respectively.

OFFHSORE MARKET WEAK

“We expect the offshore market to remain weak for the rest of 2015 and all of 2016. Yards, offshore shipping companies and equipment suppliers face challenging market conditions. We appreciate the seriousness of the situation, and will be a constructive partner, engaging in dialogue with our customers to find beneficial, tailored solutions,” says Jarle Roth.

At the end of the third quarter, Export Credit Norway’s lending balance totalled NOK 74.6 billion (Q3 2014: NOK 54.5 billion), an increase of 37% on the same period last year. The depreciation of the Norwegian krone, particularly against the US dollar, increased the lending balance by approximately NOK 3.8 billion during the quarter.

As at 30 September, 74% of the company’s lending portfolio was guaranteed by GIEK. The remainder was guaranteed by Norwegian banks (13.1%) and foreign banks (12.9%).

Repayments in Q3 2015 amounted to NOK 2.2 billion, including NOK 558 million in early loan redemptions. Interest income amounted to NOK 337 million.

Download the quarterly report for Q3 2015 here

Associated companies:


Related news

Latest news

New barge to Målsøval Fiskeoppdrett

Akva Master 320 Classic is a modern feed barge optimized for efficient operations.

Supply chain management survey indicates greater pressure on companies to demonstrate sustainability

Companies are struggling to take efficient action across their supply chains, while facing increased demands from stakeholders.

From stamp to screen: DNV GL issues over 50,000 electronic certificates

Since the launch in mid-October 2017, DNV GL has issued approximately 50,000 certificates, 

THERMO-TRANSIT FURTHER STRENGTHENS THE COMPANYS GROWTH

THERMO-TRANSIT FURTHER STRENGTHENS THE COMPANYS GROWTH BY APPOINTING JESPER HANSEN AS CHAIRMAN AND JAKOB HOLM AS CEO.

New Zealand Navy turns to Vestdavit for hands-on experience

Since 2000, Vestdavit has supplied 14 davits for seven NZ Navy vessels.

DNV GL and AEP Ohio win Energy Award for helping new energy efficient technology in ultra-low temperature freezers reach the market

Stirling ultra-low temperature freezers now ENERGY STAR certified

New 4K Displays Enable Cutting-Edge Multi-Data Fishing Vessel Bridge Solution from Furuno Norway

Newbuild Danish trawler 'Gitte Henning' first to benefit from large-format, ultra high definition bridge display innovation.

New DNV GL class notations aim to improve stern tube bearing performance

In the “Shaft align” class notations and the revised main class requirements for single stern tube bearing installations,

DNV GL provides due diligence to institutional lenders for investment in 659 MW Walney offshore wind project

Through DNV GL’s technical assessment to the group of lenders,