GC Rieber secures financing for Freire newbuilds.
Norway's GC Rieber Shipping has secured long term financing for two subsea IMR (intervention, maintenance and repair) newbuildings due for delivery in 2010/2011.The vessels are of Skipsteknisk ST-254L CD design and are being built at the Freire Shipyard in Spain. They were originally ordered by Sea4 AS, but GC Rieber acquired the newbuilding contract last year. The $107 million loan facility announced today has a 5-year term with a 15-year profile. It was arranged through a "club deal" with Nordea, Sparebanken Vest and SpareBank 1 SR-Bank. Including this loan facility, the two newbuildings will be approximately 75 % debt financed. Nordea is the agent for the loan facility.
Both vessels have a length of 110.6 m and beam of 20 m. Each is fitted with a 150 t offshore AHC crane, has accommodations for 120 persons and offers 1,000 sq. m of deck space. They will have the class notation "Clean Design", and will be built to IMO SPS 2008 rules.