UKEF backs First Subsea with £12 million offshore wind export contracts
First Subsea Ltd, designers
and manufacturers of Cable Protection Systems (CPS) for fixed and floating
offshore wind farms, has won contracts to supply several offshore wind
projects in overseas markets following financial support from UK Export
Finance (UKEF).
First Subsea has over £12 million of export orders to supply offshore wind
farms. To help First Subsea fulfil these orders, UKEF, the government’s
export credit agency, provided Virgin Money with an 80% guarantee on bonds
required by First Subsea Ltd to fulfil several export contracts, together
worth millions of pounds, in the offshore wind sector across Europe and
Asia-Pacific. First Subsea is now growing its renewables-focused strategy,
expanding its UK operations in both Lancaster and Aberdeen.
Steven Brown, Group Finance Director – First Tech Ltd, 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 MP 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."
Alastair McMillan, UKEF Export Development Manager for Scotland, commented:
"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."
Andy Tait, Director, Regional Banking, North & East Scotland at Virgin
Money, 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."
