In June, Ex-Im Bank approved a $7 million loan guarantee supporting the export of dredging equipment and spare parts from Dredging Supply Co., in Reserve. La., to Japaul Oil and Maritime Services PLC in Port Harcourt, Nigeria.
Ex-Im Bank is guaranteeing a medium-term loan from RB International Finance (USA) LLC in Bethel, Conn., to Japaul Oil and Maritime Services for the purchase of the equipment. The foreign buyer’s primary business is oil and maritime services in the upstream segment of Nigeria’s oil and gas industry.
The U.S. exporter, Dredging Supply Company, specializes in manufacturing custom-designed, portable dredges for a variety of uses. The company has a total of approximately 125 employees at its facilities in Reserve, La.; Poplarville, Miss.; Greenbush, Mich.; and Stoneboro, Pa.
Dredging Supply Company can customize dredging equipment for various types of dredging, including sand, gravel, gold, marina, environmental, irrigation control, river, maintenance, coal and copper tailings, and mining.
About Ex-Im Bank
Ex-Im Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. In the past five years, Ex-Im Bank has earned for U.S. taxpayers $1.9 billion above the cost of operations. The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.
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Dredging Today Staff, August 10, 2012; Images: dscdredge