NIBC supports ambitious Geoquip Marine
Swiss-based Geoquip Marine is a reputable and established geotechnical company providing offshore services to the global oil & gas-, renewable- and infrastructure markets. The company has been able to withstand difficult market circumstances the past years and saw opportunities to change the composition of their geotechnical drilling vessels fleet.
Geoquip already owned some vessels, but with a larger fully owned fleet of vessels, the company was of the opinion that it would to be more flexible and efficient in their global operations. Therefore, the company was looking for a bank facility that enabled them to pursue interesting vessel purchase options in distressed markets and some working capital flexibility for their day-to-day business.
NIBC acted as sole lender for a term loan facility and revolving credit facility. Additionally, NIBC had to involve the main shareholder as well due to further global expansion of the company.
By understanding the business and having a close cooperation with the company, we were able to provide a tailor-made facility giving Geoquip in the end the possibility to purchase two vessels, via two term loan tranches to be used at different purchase times. Further, the company gained more working-capital flexibility by means of a revolving credit facility
Our successful fit-for-purpose solution has given Geoquip greater financial flexibility, a better utilization of its fleet and a more cost-efficient capital structure. It also gave the necessary flexibility under its operating contracts.
NIBC is very pleased to welcome Geoquip as a new client and we hope to support the Company further in their future plans. The two newly acquired vessels have won contracts already and immediately bring positive momentum to the business.