February 23, 2010
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.