Aberdeenshire subsea group taps bank for growth drive
Ecosse Subsea Services (ESS) has secured a multi-million pound revolving credit facility with Swedish-owned bank Handelsbanken that it says will allow the subsea engineering specialist to bid for bigger renewables and power generation work.
The Banchory-based group, which focuses on the oil and gas, offshore wind, wave and tidal industries, said the money would help it respond to “fresh opportunities” to use its subsea technology in emerging markets in the Baltic Sea, the Far East and America.
It came as ESS forecast that its turnover will double to between £23 million and £25m this financial year, with profits rising to about £5m.
Group managing director Mike Wilson said that since the business was founded in Aberdeen in 1996 it had been fully self-financing “but our track record for completing high-value and complex subseas contracts means we need a more round banking service”.