NOF Energy, the business development organisation for oil, gas, nuclear and offshore renewables sectors, has forged a new partnership with UK Export Finance (UKEF) to support supply chain companies’ international trade ambitions.
UK Export Finance is the UK’s export credit agency and a government department, working alongside the Department for International Trade to support British exporters.
Working with NOF Energy, UKEF can offer specialist export finance and insurance to companies in the energy sector, as well as face-to-face guidance through its network of 24 Export Finance Advisers based across the UK.
UKEF support can help UK companies win export contracts, by providing attractive financial terms to their buyers; fulfil contracts, by supporting working capital loans; and get paid, by insuring against buyer default, NOF Energy said.
Richard Simon-Lewis, Head of Civil, Infrastructure and Energy at UK Export Finance, said: “We are delighted to be working with NOF Energy and its members to help them realise their ambitions to sell overseas. Our mission is to ensure that no viable UK export fails for lack of finance or insurance, and the energy sector is one in which the UK has significant expertise that is in high demand in international markets.”
UKEF provided GBP 586 million worth of support for exports in the energy sector between April 2015 and March 2016.
The support provided by the department has grown in recent years, with 279 companies supported in 2015/6, an increase of 23 percent on the previous year. More than three quarters of these companies were SMEs. In total, UKEF delivered GBP 1.8 billion in support for exports to 69 countries around the world.
“The innovation and experience of the energy sector supply chain has earned it a strong reputation in global markets, which opens doors for British companies. However, finance can be an issue for SMEs when building their export business, but the support of organisations such as UKEF can enable companies to compete on an international stage,” Joanne Leng MBE, Deputy Chief Executive, NOF Energy, said.