AN Aberdeen oil tool company has secured vital funds to continue to operate through the Covid-19 lockdown.
Red Kite Oilfield Services received a £100,000 Coronavirus Business Interruption Loan (CBIL) from Barclays.
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The money provides working capital to help the Dyce-based company through the Covid-19 crisis and will allow the business to continue to operate in the North Sea during the travel ban on international work.
Red Kite Oilfield Services, which has just moved into its second year of trading and has 16 empoyees, is a licensed provider for MCR Oil Tools, providing pipe cutting equipment and personnel to the oil and gas industry both in the North Sea and internationally.
Ian Smith, Red Kite Oilfield Services director, said: “We have banked with Barclays since we began trading and have been overwhelmed by the support they have offered during what is a worrying time for the oil and gas sector. Barclays was very much on the front foot with its engagement and was aware that we had to move quickly to safeguard our business and staff.
“This vital funding will now allow us to navigate through these unprecedented times.”
Stuart Brown, Barclay’s UK head of branch and business banking Scotland, said: “We’re pleased that Red Kite Oilfield Services now have the financial certainty they required to continue operating in the North Sea.”
