Eksfin Backs Two Ulstein Cable-Laying Vessels for OMS Group

Export Finance Norway (Eksfin) is providing guarantees of up to US$183 million for OMS Group’s long-term financing of two cable-laying vessels from Norwegian shipbuilder Ulstein. The vessels, CS Resilience and CS Alliance, are due for delivery in 2028 and will expand the Malaysian company’s capacity to install and maintain subsea fibre-optic cables. With the guarantee in place, financing is now secured for OMS Group’s entire four-vessel newbuilding programme.

 

The Eksfin Guarantee

 

Eksfin, Norway’s export credit agency, is supporting the deal both during construction and through guarantees for OMS Group’s long-term bank financing. Commercial banks are providing the loans under facilities backed by export credit agencies. Standard Chartered and HSBC acted as joint global coordinators, bookrunners and export credit agency coordinators for the transaction. Backing from an export credit agency lowers lending risk for banks and can improve financing terms for the buyer.

Eksfin Chief Executive Tone Lunde Bakker said the agency’s role is to support Norwegian exporters competing internationally. She said that financing Ulstein and OMS Group at different stages of the deal helps Norwegian suppliers win contracts abroad. Ulstein Chief Financial Officer Johannes Volle said financing is an important part of competing for international shipbuilding contracts. He added that close work with Eksfin and the banks helped bring the transaction together.

 

The Vessels

 

CS Resilience and CS Alliance are based on the Ulstein SX252 design, developed by Ulstein Design & Solutions AS for installing and maintaining subsea telecommunications cables. Each vessel will be 130 metres long and 22 metres wide, able to carry up to 6,500 tonnes of cable and accommodate 75 people. The design features Ulstein’s X-BOW hull, which reduces vessel motion and wear on cables and equipment in rough seas. The vessels also include large cable tanks, an enclosed cable deck and equipment for remotely operated vehicle and plough operations.

The hulls are being built at the CRIST shipyard in Gdynia, Poland, before completion and outfitting at Ulstein Verft in Norway. Steel cutting for CS Resilience took place in July 2026, followed by keel laying in September. Ulstein Power & Control will supply hybrid power and automation systems that combine variable-speed generators with batteries. These systems are designed to reduce fuel consumption and emissions during cable operations.

 

OMS Group’s Fleet Expansion

 

OMS Group, based in Malaysia, provides subsea cable installation and maintenance, cable landing stations, and marine and land-based connectivity. The company describes itself as a neutral and integrated digital infrastructure provider. It currently operates five cable vessels, with four more under construction. The new ships will join its GREAT-Class fleet and are due for delivery in 2027 and 2028.

OMS Group signed the contracts with Ulstein for the two vessels in January 2026. The other two newbuilds, CS Genesis and CS Triumph, are being built at a Dutch-owned yard in Haiphong, Vietnam. Their financing is backed by Atradius Dutch State Business, the Netherlands’ export credit agency. The four vessels together represent OMS Group’s largest fleet investment to date.

 

Read More: https://oceaneconomist.com/articles/oms-group-subsea-vessel-financing

 

The Wider Financing Package

 

Earlier in November, OMS Group announced financing of about US$1.03 billion to support its growth plans. This included US$911.5 million in corporate, trade and export credit agency-backed loans, plus a further US$120 million in trade facilities still pending financial close. The deal drew strong interest from lenders, with 14 banks providing corporate facilities and 12 providing export credit agency-backed loans. Group Chief Executive Ronnie Lim said the new vessels will strengthen OMS Group’s cable-laying capacity and help customers build networks that support global digital growth.

Using two export credit agencies reflects the international nature of the shipbuilding programme. Eksfin supports the Norwegian-built vessels, while Atradius supports those built at the Dutch-owned yard. This structure is common in large shipping finance deals, where support from multiple agencies spreads risk across lenders. It also links each agency’s backing to the work done by its own country’s exporters.

 

Demand for Subsea Cables

 

Demand for subsea cable capacity is rising as cloud computing, artificial intelligence and data centre growth increase international data traffic. Subsea cables carry the vast majority of intercontinental data, making installation and repair capacity critical infrastructure. The global fleet of specialist cable-laying vessels is limited, and much of it is ageing. Project schedules can slip when vessels are booked years ahead or diverted to urgent repairs.

New vessels like CS Resilience and CS Alliance will help ease these constraints. Fuel-efficient designs with hybrid power also help cable operators reduce emissions as customers set stricter sustainability targets. For Ulstein, the order strengthens its position in specialist vessel design and construction. For Norway, Eksfin’s support shows how export credit agencies help domestic shipyards compete for international orders.