Viking Ocean Cruises takes US$1.5 billion in financing on 4 ships

   November 23, 2022 ,   Cruise Industry

Viking Ocean Cruises announced it is taking US$1.5 billion in financing on 4 ships.

The 4 export credit loan facilities are backed by the Italian export credit agency SACE (Servizi Assicurativi del Commercio Estero).

The ocean-going vessels are being constructed by the Italian shipbuilder Fincantieri at its yard in in Ancona. The first unit (Viking Neptune) was delivered on November 10, 2022.

Commenting on the liners it is building for Viking, Fincantieri said the units would be "built according to the latest navigation regulations and equipped with the most modern safety systems."

The new generation of ships is designed for hydrogen fuel cells and is expected to set a new standard for the industry.

As of today, November 23, the collaboration between Fincantieri and Viking Ocean reaches a total of 18 ships, including 2 purpose-built expedition ships from its Norwegian subsidiary VARD.

Global law company Norton Rose Fulbright advised BNP Paribas, Cassa Depositi e Prestiti, the syndicate of lenders and SACE on the financing of the 4 newbuilds for Viking.

Viking Neptune cruise ship

Partner Simon Hartley, who led the team of Norton Rose Fulbright working on the transaction, said they had been delighted to work on that deal, which formed part of a significant ongoing investment by Viking Ocean in its fleet.

"It is encouraging that, despite the Covid-related issues that have challenged the cruise sector during the last few years, ECA finance is still available for newbuilding projects of this nature, reflecting an underlying inherent confidence in the passenger cruise sector.”