An Orkney-based marine services company has set a course to double the size of its business thanks to a £5.3m funding boost from lenders.
Leask Marine secured the asset-backed lending package, term loan and working capital facility from Royal Bank of Scotland to acquire new equipment which will enable it to grow its contracts in the tidal and offshore renewable energy market.
The funding was mainly used to buy C-Force, a new Damen Multicat workboat. She has already had her maiden voyage having towed the world’s most powerful tidal turbine, Orbital Marine’s O2, from Dundee to Orkney last month.
Since receiving the funds, Leask Marine said it is aiming to almost double turnover and workforce this season to assist in completing a number of new contracts won due to its newly purchased ‘top of the range’ equipment.
Douglas Leask, managing director of Leask Marine, said: “This has been a record year for Leask Marine which is not only a sign of the world-leading work we do, but also signifies the rapid expansion of the offshore and marine renewable technology sector as the world looks to a greener future.
“Our field is one filled with intricacies and requires knowledge and expertise to understand the market – this is something the team at Royal Bank of Scotland and Lombard have in abundance. The careful management of our funding by the team has given us the resources, and confidence, to press ahead in the acceleration of our growth plans.”
Margaret Keenan, senior relationship manager at the bank, said it has worked with the business for decades. She said: “Having worked with Leask Marine for more than 20 years, I am extremely proud that we have helped enable its recent growth which in turn is creating greener and more sustainable communities.
“We enabled a flexible funding structure, combining Lombard and their specialist commercial marine assistance to ensure the correct and appropriate support was offered to this long-standing customer. This allowed Leask Marine to progress with its business objectives, continue expanding its client portfolio and provide offshore and marine renewable energy to Scotland and beyond.”
