Norway’s Østensjø expands its fleet with NIBC’s support

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Norwegian vessel owner Østensjø Rederi has expanded its fleet with a new multi-purpose offshore vessel co-financed by NIBC. The state-of-the-art vessel, which will be used to lay pipes and install equipment for offshore projects worldwide, is helping the company to navigate the current challenges in the oil and gas market.

NIBC acted as mandated lead arranger in the USD 117 million loan, provided together with DNB Bank and Export Credit Norway. NIBC also executed an interest rate hedge. The transaction underlines NIBC’s commitment to support new clients even in turbulent times.

Østensjø Rederi is a new client for NIBC. The family-owned business has a fleet of 28 vessels including tug boats, offshore construction vessels and accommodation vessels that it charters to companies such as Shell, Statoil and ConocoPhillips. The new-build ‘Edda Freya’ is one of the company’s largest vessels and was constructed at Norway’s reputable Kleven shipyard.

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