Page 17: of Offshore Engineer Magazine (Sep/Oct 2020)

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INTERVIEW Wenche Nistad

Tasked to provide the fnancial power to help Norwegian companies export their wares to the world, Wenche Nistad, CEO of the

Norwegian Export Credit Guarantee Agency (GIEK) pulls no punches when asked about the appetite for investment in traditional ofshore oil and gas today: “Te money has disappeared; nobody wants to invest in oil and gas anymore; it’s all about renewable energy.” While GIEK’s guarantees to ofshore wind total only about $500m today, a scant portion of its cumulative portfolio, the ofshore wind portion has quadrupled in value since the end of 2019. Nistad discusses the present, and future of ofshore renewable investment strategy with Ofshore Engineer.

By Greg Trauthwein tate-owned GIEK manages an international portfolio “Offshore wind is really gaining momentum and is a great of export-related guarantees that today totals $8.5B. example of how we can actively help Norwegian industry re-

Its focus has traditionally been oil and gas and ship- channel by opening the door to new markets for existing wind building followed by fsheries and aquaculture, it has expertise and other companies looking to extend their reach

S widened its mission to include offshore wind, and more gen- into green technology,” said Nistad. “(Most) offshore wind erally banks and investors participating in large international projects are huge and capital intensive.” energy-infrastructure projects. Central to the GIEK value proposition is GIEK’s core of-

As the oil and gas downturn of 2014 has lingered beyond fering – AAA-rated guarantees for long-term loan fnancing, most every prognosticator projection, with modest climbs as well as contractual delivery guarantees that protect both back above the $60 per barrel level frst punctured by societal buyers and suppliers in case of default. Norway can offer triple push for change and regulatory movement, then pummelled A-rated instruments, which are a key tool in reducing the cost by the COVID-19 pandemic and resultant energy demand of project fnancing,” said Nistad. “We work together with free fall, the organization has had to be nimble. To that end, commercial banks to share project risk, so loans will be re-

GIEK has quadrupled its offshore wind portfolio to $453m paid.” Recent highlights including fnance for contracts won since the tail end of last year, and with ample capacity and by Aibel, Fred Olsen Windcarrier and Nexans Norway.

competitive rates, it is actively seeking new business world- GIEK provided service delivery guarantees totaling NOK wide as part of its mandate to bolster the participation of Nor- 1.3B towards the end of last year that enabled Norway’s Aibel wegian exporters in a burgeoning but capital-intensive sector. to clinch two big European contracts. In February, it stepped

SEPTEMBER/OCTOBER 2020 OFFSHORE ENGINEER 17