Modus Subsea Services gets £5 million term loan

Modus Subsea Services gets £5 million term loan

UK’s Modus Subsea Services has secured a £5 million term loan from advisory and investment firm Gordon Brothers for the development of solutions.

Source: Modus Subsea Services

Modus said it had used the loan for refinancing with existing lenders and to assist in developing best-in-class solutions for clients globally.

The UK firm is a pioneer in the use of underwater intervention drones to automate and decarbonize subsea inspection, maintenance and repair (IMR) services.

“We’re delighted to support Modus with a financing package that has provided the headroom to continue building out their market-leading development solutions,” said Nick Kitchin, Managing Director, Capital at Gordon Brothers.

Gordon Brothers was advised by Pinsent Masons, while Modus was advised by Interpath Advisory and Eversheds Sutherland.

“Gordon Brothers was quick, friendly and pragmatic and partnered with our team to deliver a tailored financing solution that has been very welcome,” said Charles Tompkins, Chairman and majority shareholder of Modus.

Speaking about the most recent company-related news, in September 2022 Modus Subsea Services secured what is said to be the first-ever resident subsea drone contract with Equinor for the provision of subsea intervention drone missions.

The scope covers underwater intervention drone operations for the Johan Sverdrup field, and includes one of Modus’ Saab Sabertooth hovering autonomous underwater vehicles (HAUVs) resident in the field.