Funding expansion of offshore lease specialist RentoceanCorporate News -
NIBC provided a EUR 15 million loan for Rentocean, which specialises in leasing equipment to companies in the oil, gas and renewables industries.
Rentocean is a fully-owned subsidiary of existing NIBC client Oceanteam Shipping, an offshore services company based in Norway. From its Dutch base in Velsen, on the North Sea Canal, Rentocean rents out specialist equipment such as carrousels and tensioners that are used for the storage, transport and installation of onshore and offshore cables, pipes and flow lines.
Using our sector expertise and knowledge of lease receivables financing, we structured a tailor-made credit facility based on the contracted cash flows of the lease contracts, with a term of three years. With this innovative financial framework, Rentocean can invest in new equipment and further expand its offshore equipment rental business.
The transaction marks a definitive moment for the company in the challenging oil & gas market. “This facility will help accelerate our growth in the offshore market and gives us the financial flexibility to execute our business plan,” said Haico Halbesma, CEO of Oceanteam Shipping.