Ecosse Subsea Services (ESS) has agreed a multi-million-pound revolving credit facility with bank Handelsbanken to support the company as it tenders for larger renewables and power generation contracts.
ESS said the deal was in response to “fresh opportunities” in emerging markets in the Baltic Sea, the Far East and US.
“To sustain growth, ESS required a banking relationship which provided performance bonds and guarantees to its clients and Handelsbanken’s Aberdeen branch stepped in to offer full banking services, including a multi-million-pound revolving credit and bonds and guarantee facility,” the company said.
ESS managing director Mike Wilson, said: “Until now Ecosse has been self-financing but our track-record for completing high-value and complex subsea contracts, means we need a more rounded banking service.
“As we win larger contracts, our clients require us to have a more sophisticated banking facility and we are delighted to partner with Handelsbanken who have been supportive and flexible in their offering.”
Image: Ecosse
