Australian government finances Thai Ocean World

EFIC arranges export guarantee for Bt1 billion aquarium project in Bangkok.

Australia's export credit agency, EFIC, has provided a Bt300 million export finance guarantee to DBS Thai Danu Bank to support Australian operator Oceanis Holdings in its project to build the Bt1 billion Siam Ocean World Aquarium in Bangkok.

The deal is a sign of EFIC's increased involvement in Asian projects being undertaken by Australian companies. EFIC provides export finance and insurance for the projects.

Craig Scullin, director of EFIC, says the agency was keen to work with DBS Thai Danu Bank. "Working with them enabled the finance to be provided in Thai baht, matching the project's revenue stream and thereby eliminating the foreign currency risk."

"Oceanis is a leader in its field and the Bangkok project will further enhance Australia's reputation in the region as a provider of quality goods and services," says Scullin.

The Siam Ocean World Aquarium will be the first such aquarium in Bangkok and will cater for up to 15,000 visitors a day. It is to be located on the lower levels of the Siam Paragon shopping centre and is currently scheduled to be open in December 2005.

"This is the first time Oceanis has undertaken business in Thailand," says Oceanis' managing director, Peter O'Brien. "EFIC's assistance has enabled us to continue to grow our market in Asia, which is part of our worldwide expansion program." Oceanis owns two aquariums in Australia, one in Busan in South Korea and manages the Ocean World Aquarium in Shanghai.