Darlington subsea firm secures vital finance to fuel £1.7m offshore wind project
Darlington-based Modus Seabed Intervention has secured a £170k loan from the Tees Valley Catalyst Fund, managed by FW Capital.
The subsea firm, part of the Tompkins UK Group, will use the funding to pay a warranty bond required to deliver a £1.7m contract in the offshore wind sector.
Modus is one of a number of sub-contractors working with Danish energy company DONG Energy, laying the foundations of the extension to the Burbo Bank offshore windfarm 8km off the coast of Liverpool Bay in the Irish Sea.
Modus is surveying for, and disposing of, unexploded ordinance at the new windfarm site and hopes that successfully delivering this contract will open the door to similar large offshore wind projects.
Mark Short, Modus’ Finance Director, said: “Modus has both the capacity and capability to expand its market share in the energy sector. This contract could be pivotal in paving the way to us winning further contracts in the sector and demonstrating our diverse range of services.
“The Tees Valley Catalyst Fund has provided us with the backing we needed to win this contract and winning it is excellent news for us. We quickly established a relationship with FW Capital and they worked with us and our bank to ensure we had the finance in place.”
FW Capital Investment Executive Chris Johnson said: “Modus is a business on an exciting growth path which is flying the flag for the Tees Valley. It’s an innovative company with a fantastic track record and an excellent reputation for providing market-leading products and services.
“Modus operates in a highly competitive marketplace and winning this contract is fantastic news for the company and its employees. It will open up new opportunities in future and I’m pleased that the loan from the Tees Valley Catalyst Fund has played a key role in this.”
Neil Kenley, Director of Business Investment at Tees Valley Unlimited said: “We wanted the Catalyst Fund to be the facilitator that would allow ambitious companies to reach new markets, win new contracts and showcase their capabilities on an international scale.
“The Tees Valley and wider North East has a wealth of unbridled knowledge and expertise and when we capitalise on that more work and more jobs come our way.”
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