UK Export Finance (UKEF) has closed its first ever transaction supporting overseas oil and gas decommissioning, securing finance for a major contract which benefits over 70 Scottish firms.
Based in Aberdeen, MDL is a specialist in subsea pipelaying which provides consultancy, equipment and personnel to the energy sector. It won the 2022 Queen’s Award for Enterprise in the International Trade category.
Supported by early-stage discussions with UKEF, Ocyan ordered MDL equipment in 2022 so that it could deliver a decommissioning contract in Brazil.
Ocyan has since used the Scottish company’s Wheeled Horizontal Lay System technology to remove hundreds of kilometres of subsea cables and pipes from defunct FPSO oil and gas rigs in Brazilian waters.
The newly agreed $7.5 million guarantee means that Ocyan can now finance the MDL contract on a reimbursement basis, boosting its access to working capital.
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