US-listed Teekay Offshore Partners has secured $165.5m in financing and guarantees from the Norwegian state for four new shuttle tankers.
The backing from Export Credit Norway and Norwegian Guarantee Institute for Export Credits is part of a larger syndicate, the companies said.
And Enova, which contributes to Norway’s transition towards a low-emission society, has granted subsidies of NOK 133m ($15.26m) to the suezmaxes due from Samsung Heavy Industries in South Korea in 2019 and 2020.
Teekay said last month it had secured a new $414m debt facility to fund the ships.
Canada's export credit agency and commercial banks are also involved.
It carries interest at Libor plus 225 basis points over 12 years from delivery.
The company has six 129,000-dwt shuttle tankers on order at SHI, all equipped with technology developed by Wartsila that results in no volatile organic compounds emissions.
Two of the units will work for Norway's Equinor under its master agreement, while the others will join its contract of affreightment fleet in the North Sea.
