GIEK signs agreement with PetrobrasNews // February 20, 2013
Early 2013 saw Garanti-Instittut for Eksportkreditt (GIEK) and the Brazilian oil and gas company Petrobras sign a memorandum of understanding, the aim being to establish an agreement for the financing of export of Norwegian goods and services intended for Brazil.
An existing agreement between GIEK and Petrobras has been effective since June 2010, and has provided Petrobras with funding facilities for a wide range of deliveries from Norwegian exporters. The existing agreement provided a total of US$1 billion in guarantees and the new agreement, if reached, is expected to be limited to the same total amount.
The GIEK said that issuing guarantees had become an increasingly important part of the process of financing Norwegian goods and services intended for Brazil and an increasingly important way of promoting Norwegian exporters. It said the existing agreement “had been of vital importance to Norwegian exporters”.
Under the existing agreement, several Norwegian companies in the oil and gas industry, and their suppliers, had secured contracts with Petrobras, including Norsar Innovation, Siem Offshore, Farstad Shipping, Seadrill Offshore, Sevan Drilling, Solstad Shipping, Kongsberg Maritime, Norskan Norway, Eidesvik, Olympic Ship and K Line Offshore.