What's that? 'Has someone given you some money, boss?' No, Voice. It's a PR email. 'Oh.'
Let me quote -
Engelsk EKsfin logo Eksfin PMS Eng NY
'Oh, no! Is that Lucky again?' No. I don't know what that is. Er ...
Norway's Eksfin grants EUR 70m 'shopping line' to Fincantieri S.p.A.
Does that makes sense to anyone? 'It makes more sense than the first bit.'
Eksfin (Export Finance Norway) has established an EUR 70m export buyer credit guarantee for Europe's largest shipyard group for the procurement of a wide range of maritime equipment and service deliveries from Norwegian exporters.
Oh, okay. Where's my money? I'd be happy with £5 million, you know? 'I'd be happy with some wages.' Shut up, idiot!
Italy's Fincantieri is one of the world's leading shipbuilding groups and a significant global buyer of maritime equipment. As a global leader in several newbuilding segments, including cruise and naval, it also owns Norwegian shipyard group VARD, which currently has several vessels on order in the offshore wind space as well as other specialized vessels.
Oh, all right.
Supporting Norwegian vendors
Buyer credit facilities granted by Eksfin are expected to be of key strategic importance for Norwegian maritime suppliers as a means to increase sales. By 'buying Norwegian', Fincantieri gains access to competitive Eksfin financing, making Norwegian exporters more competitive in turn. The instrument is designed to make purchases both more accessible and attractive by consolidating smaller individual procurements into a larger guaranteed facility.
Fine.
Strategic value creation
The Norwegian maritime industry is in the midst of a major transition towards new segments within cruise and offshore renewables, while at the same time developing environmentally friendly energy-efficiency and alternative fuel solutions as part the maritime green shift. Based on Fincantieri's large orderbook and historical procurements from Norway, the credit line from Eksfin will contribute to further value creation for Norwegian exporters.
Right.
Opening sales opportunities
In recent years, Fincantieri has purchased a significant amount of equipment and services from close to 40 different exporters throughout Norway, include large vendors such as Brunvoll, IMS Group, Jets Vacuum, Kongsberg Maritime, Scanship, Wärtsilä Valmarine, and Yara Marine Technologies, and various smaller contracts with niche SMEs. The Eksfin credit line is structured in such a way that Fincantieri can use the facility over the next two years for further procurements.
Okay. 'Is there much more of this?!' Be quiet.
Forging closer relationship
The facility applies to paid purchases from Norwegian exporters, providing a Norwegian AAA-rated state guarantee for a loan facility from Banco Santander covering 90% of the bank's risk exposure. The transaction thereby contributes to creating closer links between the Norwegian maritime supply industry and Fincantieri as a major buyer.
NOW ... what does our Tone say? 'Our Tony?!' Er ... do we know any Tony, Voice? I'm talking about our Tone. 'Whatever.'
Tone? Come on, girl!
"This is a great example of how Eksfin is delivering on our mandate to support Norwegian exporters by extending competitive state-backed guarantees and loan products. We encourage both exporters and project owners to approach us, we are easy to work with and have a lot of experience in putting together effective financing solutions," says Eksfin managing director Tone Lunde Bakker.
'She wants people to approach them for money. Ha!'
Yeah. It sounds too good to be true.
Never mind.
I'll be all right when my ship comes in.
ENDS
ENDS
ENDS
...
Anything else?
I've actually got an email from Detlef and the gang. I might save it until Monday. 'Why not do it tonight? You're writing tonight, aren't you?' Well ... it's a bank holiday on Monday. I think Detlef will be less stressful for me then. I mean, the Refinitiv press releases are my favourites out of all the ones we receive. 'Yeah, he's a great guy, our Detlef.' Of course he is!
Laters.
