OSX Considers Norwegian Niche

The Norwegian bond market and mezzanine financing are among some of the options OSX is considering, says Roberto Monteiro, the company’s CFO. The Brazilian shipbuilder, which recently saw its first FPSO delivered in Rio de Janeiro, may receive a welcome reception in a Norwegian market already familiar with the offshore oil sector. “Many oil companies do bonds in Norway,” says Monteiro. “This is something we may consider. It is not a market where you can finance an FPSO, but it is an interesting strategy for a bridge.” In a good year, the Norwegian market absorbs some $5bn-$6bn in debt with tenors ranging from 3 to 7 years, he adds. This comes as the company puts together a mezzanine loan of around $50m in size to bring the debt component of the recent OSX-1 financing to 80%. This is another niche that OSX is willing to explore. “You can raise $100m here and there. You can always be in the market rolling this [over],” he adds.