Fred. Olsen enters green loans for jack-up trio

Fred. Olsen Windcarrier has entered into two new long-term non-recourse debt financing arrangements related to the Brave Tern, Bold Tern and Blue Tern jack-up vessels under its indirect ownership.

In conjunction with the financing, the company established a green loan framework with an eligibility assessment from DNV GL, which enables new investments to be financed with green loans.

For Brave Tern and Bold Tern, the arrangement is a new EUR 75 million, 6-year facility with DNB Bank ASA and SpareBank 1 SR-Bank ASA.

The amount will refinance the existing debt facility and further contribute to the financing of the crane upgrade on Brave Tern.

A tranche of approximately EUR 29 million of this facility will be covered by the green loan framework.

For Blue Tern, 51% owned, the current financing with NIBC and Clifford, of which approximately EUR 31 million is outstanding, has been extended by circa 2.5 years, and now matures end 2022.