news&views
Bonding finance
and resources
projects
When pipe suspension designer and
manufacturer Binder needed to provide a
warranty bond for its involvement with the
Gorgon LNG project, Australia's largest
single resources project and one of the
world's largest natural gas projects, Export
Finance and Insurance Corporation (EFIC)
was able to assist, providing a warranty
bond for AU$547,000. Warranty bonds
are a common contractual obligation for
construction projects involving the supply
of goods and/or services for export and
export-related purposes. The bond enabled
the company to use its existing bank
guarantee lines to fund additional LNG
export projects. Binder is one of WA's
largest designers and manufacturers of
pipe suspension solutions for a number
of industries. It supplies Woodside
Petroleum's Pluto LNG Project and
Worsley Alumina Refinery, among others.
"This is a prime example of how EFIC
can help contractors and subcontractors
involved in export-related deals win more
business," said Leela Hanson, EFIC's
Director, SME & Mid Market, WA and
SA. "We are able to assist eligible WA
companies working on major exportrelated resources projects with financing
solutions to supplement what their
banks offer."
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