Arne Blystad's OHT is bagging a slice of NOK 2.6bn ($406m) in loan guarantees provided by Norway for its huge new offshore wind farm contracts off the UK.
The Oslo-listed shipowner said subjects have now been lifted on deals to install foundations for SSE Renewables and Equinor's Dogger Bank A and B projects, following a final investment decision.
The work will be the first job for OHT's new custom-built installation ship Alfa Lift, due for delivery in late 2021 from China.
Norwegian supplier Aibel is set to supply high-voltage transformer platforms for the North Sea project.
The two companies are sharing the guarantees provided by export credit agency GIEK.
"Equinor truly appreciates the collaboration with GIEK and the tremendous support provided to Dogger Bank," said Equinor head of finance Mads Holm.
"GIEK's participation is instrumental in the financing of Dogger Bank and in promoting Norwegian contractors – both for this as well as future projects."
International syndicate
GIEK is part of an international bank syndicate that is financing the Dogger Bank transactions, working alongside the Swedish Export Credit Agency (EKN) and the French equivalent, BpiFrance Assurance Export.
Norwegian sister agency Export Credit Norway is also participating in the Dogger Bank line-up, providing loans of around NOK 900m under the GIEK guarantee.
GIEK and Export Credit Norway are set to merge next summer.
Aibel's transformer platforms have been developed jointly with ABB.
The 48,000-dwt Alfa Lift will be the world's largest vessel for installing offshore wind foundations.
Which is just as well, as Equinor and SSE will be using the largest wind turbines on the market, with tough demands on both the technology and the ship required to install the monopiles.
MacGregor Norway and Kongsberg Maritime are supplying the "smart deck" technology, including advanced dynamic positioning (DP), that will make the process quicker, safer and more cost effective.
The first contract covers 190 foundations. OHT has not revealed the scope of the second deal.
