Norway’s export credit agency Eksportfinans has provided US$577.5mn to the US-based Marathon Oil Corporation to support the financing of Norwegian equipment for the Alyheim Oil Field. It is the largest export credit from Norway to date.

The export credit is guaranteed by Guarantee Institute for Export Credit (Giek), DnB Nor and Bank of Tokyo Mitsubishi Bank. Giek’s policy is also the biggest individual policy issued by the underwriter, and will cover 70% of the loan. DnB Nor Bank will cover 20%, while BTMU will guarantee 10%.

Total Norwegian deliveries to the project are US$1.5bn, with the main suppliers being Aible, Maersk Norway, Technip Norway, APL, Aker Kvaerner and Odfiell Drilling. Around 150 large and small Norwegian companies have taken part in this project.

The Alyheim Oil Field consists of 180mn barrels of oil and production will take place on a floating, production, storage and offloading rig (FPSO). The rig will produce 80,000 barrels a day, but has a total capacity of 140,000 barrels a day. Marathon Petroleum Company (Norway) owns 65% of the field.