"We haven't been financing any new ships in offshore recently"

Offshore has traditionally accounted for most of Norwegian state export bank GIEK's activities. But the offshore portfolio has dwindled in recent years, and the trend will probably continue, CEO Wenche Nistad tells ShippingWatch.

Wenche Nistad, CEO of Norwegian export credit bank GIEK, which has AuM of around NOK 90 billion. Photo: PR/GIEK

Quite a few years have passed since Norway's state export bank, GIEK, last participated in financing a new vessel for the offshore industry.

The offshore sector has traditionally been the main component of GIEK's portfolio. More specifically, the bank is an export credit fund that places bank guarantees on behalf on the Norwegian state to finance domestic companies or their customers and banks to promote the country's exports.

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