A North East maker of protective equipment for wind farms has secured a £5.5m international contract with the help of trade loan.
OES Group manufacturers ultrasonic anti corrosion and fouling systems for offshore wind sites and other maritime assets has secured the export contract an unnamed Belgian firm. It was partly backed by a £2.5m loan guaranteed with a General Export Facility from Ƶ Export Finance, the Government's export credit agency.
The Gateshead-made equipment will help boost the lifespan of offshore windfarms being built in Europe with the trade loan said to give OES greater confidence in cash flow. It comes amid a year in which the firm has opened a new factory and created 15 jobs. taking its Ƶ workforce to 36.
Ƶ Export Finance first supported OES in 2021 and since then the business is said to have grown its revenue by more than 200%, reaching £13.7m in the last financial year compared with £4.5m in 2021. In announcing this latest work, OES pointed to other new contracts in China, Korea and the Netherlands, as well as investments it is making in the Japanese offshore wind market. And next year it expects to open a factory in Dubai.
Patrick Kendell, North East senior export finance manager at Ƶ Export Finance, said: "Supporting businesses like OES is exactly what ƵEF is here to do. Our General Export Facility helps companies expand into new markets, scale their operations, and create jobs at home and abroad. It’s fantastic to see OES using this support to grow their exports, invest in the North East, and explore new opportunities internationally."
Robert Forsyth, managing director at OES, said: "ƵEF and HSBC’s backing has allowed us to invest in our future, exploring new markets in Asia, and open up an entity in the UAE. Closer to home, OES has been able to invest in another factory in the North East, increasing job opportunities as a result.
"Knowing we have had ƵEF’s support has given us the peace of mind to drive growth without being held back, enabling us to soar to new heights within the industry. Looking ahead, I am so excited to see what more OES can achieve.”
Peter Wilbraham, regional director in Global Trade Solutions at HSBC Ƶ, said: "We are delighted to support OES in its export growth journey. Through our partnership with ƵEF, we have been able to provide tailored financing solutions that give businesses the confidence and flexibility to expand into new markets. It’s fantastic to see OES creating new jobs and growing its global presence.
“At HSBC Ƶ we are keen to support ambitious businesses such as OES which are exploring importing and exporting opportunities.”
OES says it has been involved in more than 500 projects and has installed 250 systems.
