GC Rieber Shipping, a Norwegian company owning a fleet of vessels supporting offshore oil and gas industry activities, has entered into an agreement with DNB Bank ASA, DVB Bank SE and Sparebank 1 SR-Bank for the refinancing of existing loans on the vessels «Polar Duke», «Polar Duchess» and «Polar Marquis».

DNB Bank ASA is the agent bank and the total loan is USD 135 million, of which USD 25 million is a revolving loan facility. The loan has a 6-year term with a 10-year profile.

GC Rieber Shipping has further entered into an agreement with Nordea Bank Norge ASA, Sparebank 1 SR-Bank and Sparebanken Vest for the refinancing of existing loans on vessels «Polar Queen» and «Polar King».

Nordea Bank Norge ASA is the agent bank and the total loan is USD 91.25 million, of which USD 21.25 million is a revolving loan facility.

The loan has a 6-year term with a 12 year profile. As part of the refinancing, the company has terminated the credit facility of NOK 250 million with Handelsbanken.

The new terms in the loan facilities will give GC Rieber Shipping annual savings in financial costs of approximately USD 1 million, the company has said.

Source: www.offshoreenergytoday.com

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