Fred. Olsen Windcarrier has entered into two long-term debt financing arrangements for the three offshore wind turbine transportation and installation jack-up vessels in its fleet – Brave Tern, Bold Tern and Blue Tern.

Brave Tern

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 the Brave Tern and Bold Tern, DNB Bank ASA and SpareBank 1 SR-Bank will provide EUR75 million (USD84.2 million) to refinance the existing debt facility, approximately EUR29 million (USD32.6 million) of which will be covered by the green loan framework.

A portion of the funding will also contribute to the crane upgrade on Brave Tern.

For Blue Tern, the current financing with NIBC and Clifford, of which approximately EUR31 million (USD34.8 million) is outstanding, has been extended by roughly two and a half years and now matures at the end of 2022.