Saipem has subscribed a new credit facility for up to €554m ($615m) which will be used for the financing or refinancing of the company’s purchases of equipment and services from Norwegian exporters.
An official statement from the Italian company says the credit facility is supported by Garantiinstituttet for Eksportkreditt (GIEK), the Norwegian Export Credit Guarantee Agency, and provided mainly by Citibank and Eksportkreditt Norge.
The first tranche, about €200m, may be drawn during the coming month and will be utilized by Saipem for the partial repayment of the €1.6bn ($1.8bn) bridge-to-bond credit facility signed on December 10, 2015.
The statement underlines that “this transaction confirms the strong relationship between Saipem and the Norwegian network of high-end technology suppliers with which it cooperates worldwide and provides Saipem with an important diversification of its funding”.
The Italian EPC company a few days ago also obtained new contracts from BP worth $1.2bn thanks to the enlargement of an LNG plant based in Tangguh, Indonesia.