Export deal for Ryedale manufacturer

First published in Business news York Press: Photograph of the Author by , Business editor

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."

Comments

Comments are closed on this article.

Send us your news, pictures and videos

Most read stories

Local Info

Enter your postcode, town or place name

About cookies

We want you to enjoy your visit to our website. That's why we use cookies to enhance your experience. By staying on our website you agree to our use of cookies. Find out more about the cookies we use.

I agree