Friday, September 17, 2021
HomeEnergy Live NewsScottish firm First Subsea lands £12m of offshore wind export orders

Scottish firm First Subsea lands £12m of offshore wind export orders

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.”

Energy Live News
This article first appeared on ENERGY LIVE NEWS. Energy Live News (ELN) is a multi award winning independent publishing and events company. We are the UK’s leading dedicated daily news site covering energy. We make energy issues easy to understand and appeal to both the b2b sector and general consumer. We are independent, fair and outspoken in our coverage and we aim to be the place to come to for easy to understand energy news. We have won awards for our journalism. ELN also has an events arm which is also multi-award winning with industry leading conferences and awards. Our flagship conference is ENERGY LIVE EXPO, which is the must-attend event of the year and is regularly headlined by Energy Ministers and CEOs from across the sector. And our ENERGY LIVE CONSULTANCY AWARDS which won Best New Awards Event 2017, is now the gold standard accolade for UK energy broker market. Hit the web and social links below to visit Energy Live News across the web.
- Advertisment -

Most Popular