Petrofac to support negative emissions in Stockholm
Petrofac, a leading international services provider to the energy industry, has been awarded a front...
At UK Export Finance, our mission is to ensure that no viable UK export fails by providing Government-backed finance and insurance, which means you can take on Renewable Energy or Clean Growth projects overseas with confidence.
Bond support underpins first offshore wind contract for Glasgow manufacturer
PCT Group Sales, a Glasgow-based global manufacturer for the energy sector, has secured a multi million pound contract to supply cranes to build wind turbines for the new Neart na Gaoithe (NnG) offshore wind farm in Scotland after backing from UK Export Finance (UKEF).
PCT won a global tender with an international engineering company to supply 54 davit cranes for wind turbines that will be installed at the 450 MW offshore wind farm off the Fife coast – PCT’s first renewable energy contract. NnG has recently entered the first stage of construction and will produce enough power to supply around 375,000 Scottish homes, offsetting over 400,000 tonnes of CO2 emissions each year when completed.
PCT is an experienced exporter specialising in the production of lifting devices, including cranes, winches and hoists, with 90% of its revenue coming from overseas business. The international engineering company are the lead contractor for the installation of the wind turbine’s foundations and deck platforms and will ship the cranes, produced by PCT, to Indonesia to complete construction.
The terms of PCT’s contract meant it was required to supply performance and advance payment bonds upfront, which would have placed a strain, currently, on the company’s resources. UKEF backed the deal and provided PCT’s bank with a guarantee for 80% of the bond, allowing the company to retain working capital for its business operations and fulfil the contract.
Tell us more about your business at great.gov.uk/trade-finance to see if UKEF can help you put the right finance or insurance in place like we helped PCT Group Sales.