A PETERHEAD offshore energy services specialist has secured £5.25m of funding.
Maritime Developments Limited (MDL) has been provided with the business loan by ThinCats, a lender dedicated to funding SMES.
The funding will allow MDL, which designs, manufactures and delivers back-deck equipment for global energy projects and the North-sea fishing industry, to refinance existing loans and create additional working capital to support its long-term development plans.
Derek Smith, Maritime Developments chief executive officer and founder, said: “Since we launched more than 20 years ago, we have had to be quick to adapt to the ups and downs of both our fishing and energy clients. We see exciting opportunities in the subsea sector with our renewable and traditional energy customers, however, our existing finance facilities were too rigid for our growth plans.”
The funding represents the largest deal to date for ThinCats in Scotland.
Kenny Hughes, ThinCats business development director, said: “The global oil and gas sector has had a tough time over the last few years, so it’s great to be able to support businesses like MDL who have continued to thrive through their ongoing investment in people and technology.
“I am delighted that our largest funding deal in Scotland to date is to support Derek and the MDL team and wish them every success with their ambitious plans for the future.”
