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    Blue Offshore reaches agreement with ABN AMRO

    Company News // December 5, 2011

    Blue Offshore, a specialist subsea construction contractor, has announced that it recently reached financial with ABN AMRO Bank NV. The purpose of the financing is the manufacturing of the company's most recent cable installation system with delivery by the firstb quarter  of 2012.

    Blue Offshore assist customers with innovative standalone, module-based solutions to suit project needs. This installation system will consist of an adaptable modular turntable system with carrying capacity up to 9,000 tonnes, loading arm assembly, tensioners, trackways and associated equipment.

    “We have seen Blue Offshore as a unique opportunity to provide financing based on a firm innovative product and covered by a two year contract with a prominent German subsea cable manufacturer. Blue Offshore has shown ABN AMRO that their financial structure, company vision and strategy, personal commitment and willingness to perform, complies with our values to support a starting venture. With this investment we support the upcoming market of offshore installation for the coming decade of renewable energy. This transaction is unique in its kind because of the innovative character combined with a management team with a vast experience in this rapidly changing market," said Ellen Jansen-de Boer& Sarah Wilton-Wels of ABN-AMRO Bank.

    “ABN AMRO has demonstrated enormous courage and leadership in supporting our development and we are pleased to have reached financial close for this cable installation system. With the development of this modular and flexible system, we are able to support our customers with their current and future market requirements”, said Evert-Jan van Wijk, Operations Director at Blue Offshore.

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