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Export deal for Ryedale manufacturer
A RYEDALE technology company, which builds remotely operated submarines for underwater work for the oil and gas industry, has secured a new export deal.
Forum Energy Technologies (UK) Ltd (FET), which owns Kirbymoorside-based Perry Slingsby Systems, won the contract to supply six of its remotely-operated vehicles to Norwegian company DOF Subsea AS.
The deal was made possible after UK Export Finance (UKEF), the Government’s export credit agency, guaranteed a £20 million loan that DOF Subsea had arranged with HSBC, enabling the company to go ahead with the purchase.
Simone Pizzolato, commercial manager of Forum Energy Technologies, said: “The availability of UK Export Finance support is essential and has definitely increased our ability to bid and win export contracts in new and developing markets.
David Havelock, chief executive of UKEF, said: “The Government is determined to help UK businesses of all sizes to win contracts overseas. In the case of Forum Energy Technologies, its customer needed a £20 million loan to commit to the deal. We were able to provide a guarantee to its bank, which was then able to approve the loan. As a result, FET secured a significant new contract."