Export credit agency reaffirms support for WA business with Binder Group deal
EFIC continues to show its support to WA businesses with warranty bonds.
Australia’s export credit agency, the Export Finance and Insurance Corporation (EFIC), has sought to strengthen its commitment to Western Australian exporting companies and subcontractors by providing two major warranty bonds to Binder Group.
The bonds, totalling $574,000, will fund Binder’s supply of pipe supports for the Gorgon project. The project, operated by global energy company Chevron, is the largest single resource natural gas project in Australia’s history and one of the largest in the world.
The assistance will also enable Binder Group to use its existing bank guarantee lines for additional liquefied natural gas projects. The company is Australia’s largest designer and manufacturer of proprietary and custom-built pipe suspension solutions for the oil and gas, power generation, petrochemical, mining and mineral processing industries.
“For companies of our size, obtaining performance guarantees required by major project operators- as we are awarded more work- is becoming more onerous,” explained Binder Group managing director Paul Bennett.
“EFIC’s support enables us to compete more effectively and confidently for export work,” he added.
Leela Hanson, EFIC’s SME & Mid Market director, reinforced the advantages of the export credit agency’s support.
“We are able to assist eligible Western Australian companies working on major local resource projects with financing solutions to supplement what their banks offer,” Hanson explained.
“EFIC’s support for Binder is a prime example of how we can help contractors and subcontractors involved in export-related deals win more business,” she added.
The deal reaffirms the EFIC’s commitment to the state, which was recently consolidated with the opening of their Perth office.