Scottish company First Subsea has landed major offshore wind export orders worth £12 million, with support from the UK Government.
The company, part of the First Tech group headquartered in Aberdeen, received financial backing from UK Export Finance (UKEF), the government’s export credit agency, as it moves away from fossil fuels to operating almost exclusively in renewables.
To help First Subsea fulfil the orders, UKEF provided Virgin Money with an 80% guarantee on bonds required by the company, worth millions of pounds, in the offshore wind sector across Europe and the Asia Pacific.
The company’s cable protection systems are designed specifically for the challenging environmental conditions associated with offshore wind farms.
Minister for Exports Graham Stuart MP said: “We are lucky to have the best credit agency in the world and 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.”