Scottish company PCT Group Sales has secured a £3m contract from Saipem to supply davit cranes for the turbines at the 450MW Neart na Gaoithe offshore wind farm in Scotland, after receiving backing from UK Export Finance (UKEF).
PCT will supply 54 davit cranes for the project, its first contract in the renewables sector.
Saipem is the lead contractor for the installation of the wind turbine’s foundations and deck platforms and will ship the cranes, produced by PCT, to Indonesia to complete construction.
PCT specialises in the production of lifting devices, including cranes, winches and hoists, with 90% of its revenue coming from overseas business.
The terms of PCT’s contract with Saipem meant it was required to supply performance and advance payment bonds upfront, which would have placed a strain, currently, on the company’s resources.
UKEF backed the deal and provided PCT’s bank with a guarantee for 80% of the bond, allowing the company to retain working capital for its business operations and fulfil the contract.
UK Minister for Exports Graham Stuart said: “The UK has one of the world’s best export credit agencies in UKEF, and Scottish exporters like PCT benefit from the technical skill and deep resources UKEF draws on to support them to win contracts like this.
“DIT and UKEF are determined to accelerate the transition to clean energy and make sure more Scottish companies can take advantage of the unique support available offered by the UK government.”
PCT managing director Brian Lemond said: “Without UKEF’s support we would have been unable to put the bonding in place, at this time, and couldn’t fulfil the contract.
“I look forward to working with them as we continue to secure contracts in the renewable energy sector.”
UKEF export finance manager Carol Harvey said: “The success of PCT demonstrates UKEF’s ability to support a range of contracts across a wide variety of sectors.
“Our bond support scheme continues to play a crucial role in ensuring UK companies can fulfil their export contracts.”