Subsea firm ties up finance
Ecosse secures bank support for bigger bids
Ecosse Subsea Services (ESS) has agreed a multi-million-pound revolving credit facility with Handelsbanken which will help it tender for bigger projects.
Banchory-based ESS has switch focus from oil and gas to renewables and sees fresh opportunities in emerging markets in the Baltic Sea, the Far East and the US.
It is forecasting turnover this year to double to between £23 million and £25m, with profits jumping to around £5m.
The company said it was also encouraged by signs of recovery in the oil and gas sector and predicted that technologies developed by ESS for renewables projects would prove equally attractive on major oil and gas projects.
ESS managing director, Mike Wilson, said: “Until now Ecosse has been self-financing but our track-record for completing high-value and complex subsea contracts, means we need a more rounded banking service.”
Steve Rae, corporate manager at Handelsbanken in Aberdeen, said: “We were very impressed with the Ecosse team and their business model and how they have successfully diversified from focussing mainly on oil and gas to strengthen their position in the renewable energy sector.”