Ex-Im Guarantees $20 Million Loan to Finance Export of Liftboat by Louisiana Small Business
June 7, 2013
(Ex-Im Bank)
Washington, D.C. – The board of the Export-Import Bank of the United States
(Ex-Im Bank) voted to guarantee a $19.9 million loan extended by HSBC Bank to
Michharry & Company Ltd. (Miccharry) of Port Harcourt, Nigeria, that will
facilitate the export of one used liftboat provided by Offshore Liftboats LLC, a
small business located in Cut Off, La.
The transaction will support approximately 100 U.S. jobs, according to bank
estimates derived from Departments of Commerce and Labor data and methodology.
"Ex-Im Bank's financing will boost the sale of American watercraft to one of our
nine key markets and support U.S. small business jobs here at home," said Ex-Im
Bank Chairman and President Fred P. Hochberg. "Ex-Im's support helps the
company's Nigerian customer purchase a high-quality liftboat that reflects the
craftsmanship and dedication of American workers."
Established in 2000, Offshore Liftboats provides self-propelled, self-elevating,
liftboats to energy-production and service companies. Among Offshore Liftboats'
clients are Energy XXI and Chet Morrison Contractors.
"The sale of the Liftboat Cameron has enabled us to enter into a contract with
Marine Industrial Fabrication of New Iberia, La., to build a new,
state-of-the-art, class 200 liftboat," said Vanessa Pierce, general manager of
Offshore Liftboats. "The ability to build this new vessel will sustain jobs for
our company."
As of the end of FY 2012, Ex-Im Bank's credit exposure in Nigeria exceeded
$178.7 million.
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