First Subsea has won contracts worth £12m to supply cable protection systems to several offshore wind projects in overseas markets thanks to financial support from the government’s export credit agency UKEF.
UKEF provided Virgin Money with an 80% guarantee on bonds required by First Subsea to fulfil several export contracts in Europe and Asia-Pacific.
First Subsea is part of the First Tech group.
First Tech group finance director Steven Brown said: “The support from UKEF and Virgin Money has enabled us to not only complete vital projects but will enable First Subsea Ltd to execute far more projects concurrently.
“The process in getting the facility in place was exceptionally well managed and we look forward to working with both teams moving forwards.
“The First Subsea Ltd business continues to grow at a rapid pace and certainly the support from UKEF and Virgin Money will help facilitate the execution of our ambitious growth strategy.”
Minister for Exports Graham Stuart said: “We are lucky to have the best credit agency in the world, and UKEF stands ready to help more Scottish exporters like First Subsea win big contracts overseas. UKEF is helping us accelerate the transition to clean energy, which will bring prosperity and a wide range of sustainable jobs to Scotland.
“The recently-published Green Trade report from the Board of Trade highlights how vital free trade will be in helping the UK and the world build back greener from the pandemic, and this support is just one example of the work we do to ensure this outcome.”
UKEF export development manager for Scotland Alastair McMillan said: “It’s great to see more UK companies export their unique products and services to help drive sustainability.
“First Subsea shows how British companies are increasingly at the vanguard of the global transition to renewable energy and UKEF is here to make sure UK exporters have the financing they need to export.”
Virgin Money director of regional banking, North & East Scotland Andy Tait said: “First Subsea has been a customer of Virgin Money for a number of years and we’ve supported its growth aspirations as it has moved into the renewables sector.
“With sustainability high on the agenda, First Subsea’s world leading CPS technology will continue to play a key role in their continued growth in area.”