Press Release: Safelink Group Closes Financing From Export Credit Norway
Safelink Group (“Safelink” or “Company”), a supplier of passive heave compensation equipment to the offshore and subsea construction industry, has closed a second financing from Export Credit Norway, an agency of the Norwegian Government. The financing will enable Safelink to expand its operations into the Asia-Pacific region.
“Export Credit Norway is an invaluable partner to Safelink, facilitating our role as a truly global supplier to the offshore and subsea construction services industry, and in turn increasing the efficiency, cost effectiveness, and, most importantly, safety of even the most challenging and complex lifting operations,” says Ole Henning Christiansen, CEO of Safelink AS.
The offshore construction industry is pursuing passive heave compensators as an alternative to active heave compensation systems. Passive heave compensators can significantly increase the weather window for offshore lifting operations, reducing time and cost to complete complex subsea installations. These systems permit contractors to operate less costly vessels with similar or better results.
In addition, global applications for passive heave compensators are growing. Given the size, complexity and sensitivity of subsea equipment, it has become more important – and yet more challenging – to protect offshore lifting operations from dynamic forces. Passive heave compensators can now meet this need, as the newest generation may accommodate safe working loads of up to 1400 tons. This is more than current active heave compensation systems, making passive heave compensators a valuable complement to today’s ultraheavy- lift vessels.
“Helping Norwegian exporters succeed abroad is the ultimate ambition of Export Credit Norway. It is especially rewarding for us when a Norwegian company, such as Safelink, has managed to export their technology and expand internationally by using financing as a sales tool. Safelink understands how to use export financing to the benefit of both themselves and their customer, who have been constructive cooperation partners throughout the process,” says Laila Johnsen, Senior Vice President – Lending, Export Credit Norway.
“Export Credit Norway’s financings are an important vote of confidence in the business for investors, and also for the Company’s customers and suppliers,” said Justin Patterson of Harkin Value Partners, Safelink’s lead shareholder.
On both financings, Thommessen AS and Richards Kibbe & Orbe LLP advised Safelink, while Seward & Kissel LLP advised Export Credit Norway.
Safelink is a US-Norwegian engineering and equipment rental company providing highly engineered, DNV-approved passive heave compensating shock absorbers to the offshore and subsea construction industry. The Company’s products have been used in the North Sea, The United States, Offshore West Africa, Australia, and Indonesia.
Export Credit Norway is wholly owned by the Norwegian government, and is administered by the Ministry of Trade, Industry and Fisheries.
To learn more about this, please contact:
COO, Andre Holthe
T: +47 928 86 818