First Subsea Ltd, leading designers and manufacturers of Cable
Protection Systems for fixed and floating offshore wind farms,
has won major contracts to supply several offshore wind projects
in overseas markets thanks to financial support from UKEF.
First Subsea, part of the First Tech Ltd group headquartered in
Aberdeen, has recently shifted away from fossil fuels to
operating almost exclusively in renewables. Its cable protection
systems are designed specifically for the challenging
environmental conditions associated with offshore wind farms.
The UK government is helping UK companies export the country’s
world leading expertise in the offshore wind sector, and
estimates export opportunities for the UK’s low-carbon sector
will be more than £60 billion by 2030. Recognising this, First
Subsea radically changed its business model to seize these
opportunities and now 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, , 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.
Background
About UK Export Finance
UK Export Finance is
the UK’s export credit agency and a government department,
working along-side the Department for International Trade as an
integral part of its strategy and operations.
Established in 1919, it exists to ensure that no viable UK export
should fail for a lack of finance from the private market. It
provides finance and insurance to help exporters win, fulfil and
get paid for export contracts.
About First Tech Group plc
First Tech is group of companies that offer a wide variety of
services across a number of different industries with a good
coverage of the Oil and Gas industry and the emerging renewables
market.
The group is made up of the following companies:
- First Subsea
- First Integrated Solutions
- First Marine Solutions
- Mooring Systems
- First Competence
