Safelink Group Closes Second Debt Financing from Export Credit Norway,
Highlighting Broader Adoption of Passive Heave Compensators to Drive Efficiency
and Safety in the Offshore and Subsea Construction Industry
[9 February 2016]
OSLO and NEW YORK, [February 9, 2016] – Safelink Group (“Safelink” or “Company”), a
supplier of passive heave compensation equipment to the offshore and subsea construction
industry, has closed a second financing from Export Credit Norway, an agency of the
Norwegian Government. The financing will enable Safelink to expand its operations into the
“Export Credit Norway is an invaluable partner to Safelink, facilitating our role as a truly
global supplier to the offshore and subsea construction services industry, and in turn
increasing the efficiency, cost effectiveness, and, most importantly, safety of even the most
challenging and complex lifting operations,” says Ole Henning Christiansen, CEO of Safelink
The offshore construction industry is pursuing passive heave compensators as an alternative
to active heave compensation systems. Passive heave compensators can significantly
increase the weather window for offshore lifting operations, reducing time and cost to
complete complex subsea installations. These systems permit contractors to operate less
costly vessels with similar or better results.
In addition, global applications for passive heave compensators are growing. Given the size,
complexity and sensitivity of subsea equipment, it has become more important – and yet
more challenging – to protect offshore lifting operations from dynamic forces. Passive heave
compensators can now meet this need, as the newest generation may accommodate safe
working loads of up to 1400 tons. This is more than current active heave compensation
systems, making passive heave compensators a valuable complement to today’s ultraheavy-
“Helping Norwegian exporters succeed abroad is the ultimate ambition of Export Credit
Norway. It is especially rewarding for us when a Norwegian company, such as Safelink, has
managed to export their technology and expand internationally by using financing as a sales
tool. Safelink understands how to use export financing to the benefit of both themselves and
their customer, who have been constructive cooperation partners throughout the process,”
says Laila Johnsen, Senior Vice President – Lending, Export Credit Norway.
“Export Credit Norway’s financings are an important vote of confidence in the business for
investors, and also for the Company’s customers and suppliers,” said Justin Patterson of
Harkin Value Partners, Safelink’s lead shareholder.
On both financings, Thommessen AS and Richards Kibbe & Orbe LLP advised Safelink,
while Seward & Kissel LLP advised Export Credit Norway.
Safelink is a US-Norwegian engineering and equipment rental company providing highly
engineered, DNV-approved passive heave compensating shock absorbers to the offshore
and subsea construction industry. The Company’s products have been used in the North
Sea, The United States, Offshore West Africa, Australia, and Indonesia.
Export Credit Norway is wholly owned by the Norwegian government, and is administered by
the Ministry of Trade, Industry and Fisheries.
To learn more about this, please contact:
COO, Andre Holthe
T: +47 928 86 818
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