FoundOcean nets Taiwan contract

By: Tom Russell

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04/06/2021 FoundOcean

FoundOcean has won a contract to support a 100-turbine offshore wind farm in Taiwan after receiving financial support from UK Export Finance (UKEF), the government’s export credit agency.

The company will provide the foundation grouting to enable wind turbines to be secured to the seabed to form the wind farm. It was announced by International Trade Minister, Graham Stuart, who visited the world’s largest offshore construction grouting specialists FoundOcean in Livingstone, Scotland

Graham Stuart MP, Minister for Exports, said: “The UK has one of the world’s best export credit agencies in UKEF, which will help Scottish exporters like FoundOcean as we level up every part of the UK and build back greener from the pandemic.

“UKEF is helping us to accelerate the transition to clean energy, which will bring prosperity and a wide range of sustainable jobs to Scotland.”

UK Government Minister for Scotland David Duguid said:  “Seeing a pioneering Scottish company like FoundOcean win this contract underlines UKEF’s important role in showcasing Scotland as a thriving hub of industry on the world stage.

“As well as creating 30 jobs, this work demonstrates the global potential for Scottish businesses in supporting clean energy, part of the UK Government’s ambitious 10-point plan for an industrial green revolution.”

FoundOcean has transitioned towards renewable energy over the last decade. Around 80% of FoundOcean’s businesses now comes from renewable energy projects and the firm now has clients across the globe in South East Asia, Gulf of Mexico and in the Netherlands, anticipating that over half of its contracts will be abroad this year.

Jim Bell, CEO of FoundOcean, said: “Our business has been running for over fifty years and   in the last few, we’ve managed the transition to mainly renewable energy. Thanks to UKEF’s support, we have been able to fulfil a major contract, grow our business and create vital jobs for people across the country. We’re so proud to play a part in powering Taiwan’s own green energy drive.”

UKEF stated that it has provided £500 million of financing for three offshore wind projects in Taiwan since late 2019, aiming to unlock the export potential of the UK’s offshore wind sector.

Offshore wind projects often require a performance bond – ensuring completion of the project - at up to 15% of the contract value before work is even commenced. This would have meant putting a significant deposit forward and, due to the scale of the Taiwan project, FoundOcean was unable to arrange this through its bank. UKEF stepped in with bond support that enabled FoundOcean to fulfil the contract.

Craig Green, Export Finance Manager at UKEF, said: “Businesses like FoundOcean are central to the world’s renewable energy revolution, and UKEF is here to ensure they can export their specialist products across the globe, get paid, and create more jobs to support the transition.”

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4C Offshore | Tom Russell