MONEY MATTERS
SMD AND EDT SECURE EXPORT FINANCE
SMD has secured a financing package provided by Lloyds Bank and UK Export Finance (UKEF) on behalf of EDT Offshore, which has enabled the Cyprus based customer to purchase a Quasar MkII work class Remotely Operated Vehicle (ROV).
The negotiation of the financing package was facilitated by SMD on EDT’s behalf.
BACKGROUND DETAILS
Under arrangements of this type, UKEF provides a lender with a Government- backed guarantee against payment default by the customer. This in turn permits the lender to provide the customer
The company supply high specification offshore support vessels to customers worldwide. Their vessels support survey, diving and ROV operations and have assisted in military and civilian aircraft wreckage recoveries. From its home port of Limassol EDT also provides services such as shorebase facilities, a dedicated quay, heliport and ships agency service.
DEPLOYMENT
EDT plan to deploy SMD’s Quasar MK II Work-Class ROV system to provide expanded subsea service support to both new and existing customers in the Mediterranean region.
Andrew Hodgson, CEO of SMD, said: “This latest deal sees us continue to expand our overseas sales and open up a new market in the Eastern Mediterranean.
“As we look to boost sales in new territories the support of Lloyds Bank and UKEF has been absolutely critical. In addition, their understanding of both
with UK clients to help drive the UK economy.
“Supplier credit finance facilities cover bills of payment purchased by the bank from an exporter like SMD, which it receives from selling to an overseas buyer. Their use allows the UK-business to receive payment instantly while allowing the purchaser to repay over a longer period of time.”
SPECIFICATION
The Quasar Mk II ROV is from SMD’s new second generation range of work-class vehicles and has 150hp and a 3000m operating depth. The EDT vehicle was fitted with a Sea Squirt fluid injection system used to supply high-pressure fluid (typically, glycol or a waterglycol mixture) from the ROV in order to operate, monitor or diagnose critical subsea hardware.
The vehicle was also fitted with torque and FLOT tooling to give versatility for additional subsea operations. SMD supplied the full deck spread including
with access to funding which might not otherwise be obtainable at all, or at much more attractive interest rates than would otherwise be available.
EXPERIENCE
EDT Offshore began operations in Limassol, Cyprus in 1980 as ship managers and operators. After more than thirty years of work dedicated to achieving world-class standards, EDT has become a highly successful and well respected organisation.
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www.windenergynetwork.co.uk
the oil & gas sector and our business has enabled them to quickly tailor a package that allowed the deal to complete smoothly.”
FINANCIAL SUPPORT
Patrick Sherrington, Head of Corporate Asset Finance at Lloyds Bank Commercial Banking added: “This deal has allowed us to support a first class mid-sized UK manufacturer with its export ambitions and is a clear example of Lloyds Bank Commercial Banking working closely
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control system, Tophat TMS, A-frame, winch and ROV.
SMD
www.smd.co.uk
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