KfW IPEX-Bank finances ship conversion at Blohm + Voss / Ferry being turned into a special vessel for the offshore industry

Frankfurt am Main (ots) - KfW IPEX-Bank, acting as facility agent
and collectively with BNP Paribas as mandated lead arranger, finances
the conversion of a former RoRo ferry into a state-of-the-art
accommodation and support vessel specially designed for the offshore
industry, for the Danish shipping company J. Lauritzen. The Blohm +
Voss shipyard in Hamburg has been contracted to implement this
technologically demanding and complex conversion of the "MV KRAKA" to
the "DAN SWIFT".

To finance the project KfW IPEX-Bank and BNP Paribas will provide
a loan in equal proportions worth a total of around USD 130 million.
The financing structure includes export credit insurances from
Germany (Euler Hermes) and Denmark (Eksport Kredit Fonden). The tenor
of the loan is 12 years. The related loan agreement was signed today.

Christian K. Murach, responsible Managing Director of KfW
IPEX-Bank, underlined the importance of the project: "A ship that was
obsolete is made fit for the market again The conversion project will
create a specially designed innovative vessel for which there is a
stable market demand. This is yet an example of a successful response
to the crisis-like developments in the shipping industry."

Although a conversion of this kind is highly complex, it is still
cheaper and quicker than building a new ship from scratch. The Blohm
+ Voss shipyard in Hamburg, which has a long tradition, specialises
in such complex and challenging contracts. The conversion works in
the shipyard are already in full swing. The ship is planned to be
delivered to J. Lauritzen in September 2009, and then used in the
offshore oil and gas industry. It will provide accommodation for
around 250 workers employed temporarily on offshore units, and will
be equipped with a dynamic positioning (DP) system, as well as state
of the art gangways for hook up at sea, together with deck cranes and
machine shop/storage areas, which will be needed for assembly, repair
and breaking up works at sea.

About KfW IPEX-Bank GmbH

Within KfW Bankengruppe KfW IPEX-Bank GmbH provides project and
corporate financing as well as trade and export financing
domestically and abroad. Worldwide it conducts all market activities
of KfW Bankengruppe that are carried out on commercial terms. KfW
IPEX-Bank GmbH has been operating as a legally independent subsidiary
since 1 January 2008 and contributes significantly to the promotional
mission of KfW Bankengruppe. It has approx. 490 employees (as of June
2009) and is represented in the key economic and financial centres
throughout the globe.

Originaltext: KfW-IPEX-Bank
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Pressekontakt:
Mrs. Dela Strumpf
KfW IPEX-Bank GmbH, Palmengartenstraße 5-9, 60325 Frankfurt
Pressestelle: E-Mail: dela.strumpf@kfw.de
Tel. 069 7431-2984, Fax: 069 7431-9409, E-Mail:
info@kfw-ipex-bank.de, Internet: www.kfw-ipex-bank.de