First Subsea has won contracts worth £12m to supply cable protection systems to several offshore wind projects in overseas markets thanks to financial support from the government’s export credit agency UKEF.
UKEF provided Virgin Money with an 80% guarantee on bonds required by First Subsea to fulfil several export contracts in Europe and Asia-Pacific.
First Subsea is part of the First Tech group.
First Tech group finance director Steven Brown 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.
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