AFFECTED FLOWOutflow (subsidised)
ANNOUNCED AS TEMPORARYNo
On 2 February 2015, the German Eximbank KfW announced it would provide an export credit worth ca. 175 million USD with a duration of 12 years to the Norwegian-based offshore company Siem Offshore Rederi AS. The credit will be used to finance two well intervention vessels, built by the German shipyard Flensburger Schiffbau-Gesellschaft (henceforth: FSG).
According to KfW's press release, "For the shipyard, this order is another step towards expanding its range of products and services in the offshore specialist vessels segment. It is also key to safeguarding jobs in Flensburg. In addition to structuring this project, Siem Industries Inc., which is the largest shareholder in Siem Offshore Inc. has taken over FSG as the new owner."
KfW will provide half of the pre- and post-order financing worth up to 350 million USD.
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