Southampton Marine Services Ltd (SMS Group), the UK's largest
independent ship repairer, has secured a major £3 million
contract with German cruise company AIDA to refit the first of
three ships in Marseille, thanks in part to a trade loan backed
under the Export Working Capital
Scheme (EWCS) by UK Export Finance (UKEF) – the government's
export credit agency.
The government-backed financing, issued by Santander UK, has
enabled the Southampton-based company to deliver its largest
European contract to date and positions the company to take on
further orders from new clients in the rapidly growing cruise
sector.
Each major outfitting project enables SMS Group to hire
additional UK staff and several subcontractors, directly
supporting job creation and skills development in the UK's marine
engineering sector.
Founded in 2016, SMS Group brings together the expertise of
shipping professionals from some of the UK's most respected
marine engineering companies, including Burgess Marine, Testbank
and Small & Co. Today, it is a premier provider of ship
repair and marine engineering services in both ship-side and
shore-side environments.
Over the past five years, SMS Group has built a strong reputation
for outfitting interiors for major US and European cruise lines.
The AIDA contract marks a significant step into the European
market and demonstrates the company's growing international
capabilities.
The EWCS is designed to help UK businesses access the working
capital they need through their banks to fulfil overseas orders.
For SMS Group, this support has provided the financial confidence
to take on larger, more complex international projects.
Richard Armstrong, Export Finance Manager for Hampshire
and Isle of Wight, said:
This facility is a great example of how UKEF can support UK
businesses in the marine services sector to expand globally and
create jobs here in the UK. We are pleased to back SMS Group as
they continue to grow and achieve their export ambitions.
Nicholas Warren, Commercial Director at Southampton
Marine Services, said:
The backing from UKEF and Santander UK has been transformational
for our business. It's given us the confidence to take on larger
orders and increased volumes of international work. This
support allows us to compete globally while maintaining the
highest of standards that define the SMS Group of today.
Tee Cato, Senior Director, Trade and Supply Chain Finance
at Santander UK, said:
We are pleased to have supported SMS Group as it agrees its
largest European contract to date. This deal demonstrates the
importance of SMS Group and the wider marine industry to economic
growth in the UK. We look forward to continuing to work with both
SMS Group and UKEF.
The Export Working Capital Scheme is part of UKEF's comprehensive
suite of products designed to help UK businesses of all sizes
access international markets and grow their export revenues.
This latest announcement follows the publication of
UKEF's annual report &
accounts for 2024/25.
Over the last financial year, UKEF provided a record £14.5
billion in new financing, helping over 667 UK companies to export
and grow, supporting up to 70,000 jobs across the country.
