UKEF backs First Subsea offshore wind contracts

Scottish firm First Subsea has secured several offshore wind contracts in overseas markets with financial backing from UK Export Finance (UKEF).

The company has landed over £12 million ($16.55 million) of export orders to supply offshore wind farms across Europe and Asia-Pacific.

To help First Subsea fulfil these orders, the government’s export credit agency, provided Virgin Money with an 80% guarantee on bonds required by the company, UKEF reports.

“The support from UKEF and Virgin Money has enabled us to not only complete vital projects but will enable First Subsea to execute far more projects concurrently“, said Steven Brown, group finance director at First Tech.

“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 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”.

First Subsea, part of the First Tech group based in Aberdeen, has recently shifted away from oil and gas to operating almost exclusively in renewables.

The UK government is helping UK companies export the country’s expertise in the offshore wind sector and estimates export opportunities for the country’s low-carbon sector will be more than £60 billion ($82.75 billion) by 2030, according to UKEF.

“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”, said Graham Stuart, Minister for Exports.