Ecosse agrees multi-million credit for renewables projects
Ecosse Subsea Services (ESS) has secured a multi-million-pound revolving credit facility with full service bank Handelsbanken to support its renewable energy ambitions.
The new relationship will support the Banchory-based subsea engineering specialist ESS as it tenders for larger renewables and power generation contracts, the company said.
With its roots in the oil and gas industry, ESS has adapted traditional technologies for use in the renewables and interconnector sectors, and designed and patented a range of tools which are used in seabed clearance, route preparation, trenching, backfill, pipelay removal and cable laying operations.
In partnership with other companies, ESS has developed a range of patented technologies, with other patents pending, in pipe lay and spooling, wave energy conversion and subsea lifting.
Mike Wilson, ESS Managing Director, said: “As we win larger contracts, our clients require us to have a more sophisticated banking facility and we are delighted to partner with Handelsbanken who have been supportive and flexible in their offering.”
As reported earlier, ESS expects its turnover in the current financial year to double to between £23-£25 million, with profits jumping to around £5 million and staff numbers growing from 35 to 50 employees following the transition into renewable energy sector.
Handelsbanken is the UK trading name of Swedish bank Svenska Handelsbanken AB.