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Norwegian lenders support subsea resources operations

Two Norwegian export credit agencies and a Norwegian bank have completed a multimillion-dollar term loan and guarantee facility to Australian oil and gas company, Woodside.

Firms: Norton Rose Fulbright (DNB Bank ASA, Eksportkreditt Norge AS, Guarantee Institute for Export Credits); Herbert Smith Freehills (Woodside)

Deal: Eksportkreditt Norge AS has loaned Woodside US$100 million, guaranteed by DNB Bank ASA and the Norwegian Guarantee Institute for Export Credits (GIEK).

Value: US$100 million

Area: Energy and resources, finance

Key players: The Norton Rose Fulbright team advising the Norwegian entities was led by partner Dale Rayner (pictured) and senior associate Grant Schulz, with assistance from associate Ben Bourke. Partner Ellen Thomas advised on the tax aspects of the transaction.

Deal significance: Eksportkreditt Norge AS, DNB Bank ASA and the GIEK have completed a term loan and guarantee facility worth US$100 million to Woodside.

The funds will be used to support the delivery of subsea equipment for Woodside’s offshore operations in Western Australia.

Norton Rose Fulbright advised Eksportkreditt Norge AS as the lender; DNB Bank ASA as agent and arranger, ECA co-ordinator and ECA guarantor; and the GIEK as ECA guarantor on the loan and guarantee facility.

The deal is the first facility of its type between Woodside and the Norwegian export credit agencies.

“We are pleased to be able to facilitate this agreement between Australia’s largest independent oil and gas company and the Norwegian export credit agencies,” said Norton Rose Fulbright lead partner Dale Rayner.

“This deal is a great example of the sort of cross-border banking and finance and tax work we do for the energy and financial institution industries.”


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