BNDES Approves US$112mn in Shipbuilding Financing

Brazil's national development bank BNDES approved US$112mn in loans on Tuesday to help local shipbuilder Aker Promar finance the construction of two oil industry support vessels, the bank said in a statement.

Norwegian group DOF ordered the ships, which require total investment of US$166mn. Brazil's merchant navy fund FMM will guarantee the loan.

The ships provide support services to platforms in Brazil's Campos basin and be ready in 2008.

Aker Promar is a unit of Norwegian shipyard Aker Yard.

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