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Full steam ahead for Maritime Craft Services after major funding deal

Ayrshire-based Maritime Craft Services (Clyde) Ltd has secured a €35m re-financing deal that makes Clydesdale Bank the company’s sole funder.

The re-financing deal has assisted Maritime Craft Services in the acquisition of six state-of-the-art vessels in the last year. Most of the new craft are Damen Fast Crew Transfer 2610 ‘twin axe’ catamarans that are used to support the fastexpanding North Sea wind farm operations.

What does this business do?

Operating from purpose-built headquarters at Fairlie in Ayrshire, Maritime Craft Services operates a fleet of 21 vessels that work internationally to support the dredging, marine construction, oil field, offshore renewable installation and maintenance industries.

For 38 years, its fleet has included tugs, workboats, survey vessels, crew launches, crane barges, along with various specialised craft.

The diversity and versatility of the company’s operations include: support and maintenance of offshore wind farm and renewable energy installations; dredging support and seabed levelling; marine construction support; oil and gas installation operations; and port and harbour construction work.

How will the deal help to drive the business?

Commenting on the deal, Nikki Kuyt, Maritime Craft Services Joint-Managing Director said: “With the strong support of Clydesdale Bank, we’ve established ourselves as a major crew transfer vessel supplier to the off-shore wind industry. The Bank has played a key role in helping to drive the significant and fast expansion of our fleet.

“Clydesdale have the financial expertise and commercial understanding of the marine industry that makes them an excellent funding partner. They are committed to supporting our expansion as well as broader growth in our sector.”

David Henderson, Head of Corporate, West Scotland, at Clydesdale Bank, added: “We are starting to see increasing confidence and investment by marine operators and port authorities – activity which is reacting to growth opportunities in the sector.

“We continue to help Maritime Craft Services to grow their fleet and services as they capitalise on the huge growth potential of the market to support the expanding offshore wind industry in Northern Europe.

Craig Stewart, Director, Corporate Banking at Clydesdale Bank commented: “In the five years we have worked with Maritime Craft Services we have provided funds for the purchase of ten new vessels, taking their fleet from 11 to 21 high technology, well-designed and versatile boats. We believe they are now one of the key suppliers to the offshore wind sector and look ahead with great confidence to further building on our relationship.”

Other case studies

Clydesdale have the financial expertise and commercial understanding of the marine industry that makes them an excellent funding partner.

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