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KUKE issues bonds totaling over EUR 9 million for the CRIST S.A. shipyard

11-07-2016

KUKE has concluded a co-operation agreement with CRIST S.A. shipyard and is to issue bonds totaling over EUR 9 million. The advance payment bonds granted by KUKE pertain to a contract worth over EUR 20 million entered into between the Polish shipyard and a Norwegian ship-owner.

The Norwegian ship-owner Kleven Verft AS has contracted CRIST S.A. to build the hull of a modern, specialized vessel – a SALT 306 cable layer. The ship will be used for laying power cables on the bottom of the sea.

As part of its support for the Polish shipbuilding industry, KUKE has already granted three advance payment bonds totalling EUR 3.3 million. The remaining three bonds of this type will be extended by KUKE in co-operation with other financial institutions. Further bonds issued by KUKE will be worth EUR 5.78 million.

CRIST S.A. is a leading shipyard in the European market with more than 20 years of experience in many advanced shipbuilding and sea structures projects. The shipyard is among the leaders in the offshore sector, which places it among the key European players in the area of delivering complex vessels used for building and servicing wind farms located at sea. CRIST S.A. delivers orders to demanding customers in Poland, Germany, Norway, Denmark, Finland, Iceland, France, Belgium, Holland and Scotland.

The cooperation between KUKE and CRIST S.A. goes back to 2003. Until 2009, KUKE granted 14 advance payment bonds connected with six contracts totaling USD 25 million. In 2010, KUKE extended its co-operation with CRIST S.A. by issuing bonds backed by the State Treasury valued at EUR 215 million and pertaining mostly to building specialized vessels used for servicing wind farms.