Subsea firm nets £500k under export growth push

Subsea Technologies, an engineering business specialising in subsea hydraulic and mechanical connectors, has secured £500,000 of growth funding.

The firm, which was established in Aberdeen in 2010 and has major clients including Shell and Halliburton, has been provided with an export finance facility by Bibby Financial Services.

With an international client base and “challenging” market conditions, Bibby said the company had sought to partner with a funder that could provide access to working capital and support in “overcoming the complexities of trading overseas”.

David Mcintyre, a corporate manager at Bibby Financial Services, said: “Subsea Technologies Limited is an incredibly innovative business, with a robust pipeline of business and a strong customer base.

With the new funding in place, the company will undoubtedly go from strength-to-strength and we look forward to supporting its future growth.”