£20m helps enable Ferguson to boost its container fleet and become a major worldwide operator
- £20m helps enable Ferguson to increase its container fleet and become a major worldwide operator
- Lombard's efficient funding provides Ferguson with the flexibility to react to its customers' demands
- Lombard's professional funding and industry experts continue to support Ferguson's developments
The Ferguson Group, established in 1976, services the accommodation and container needs of the oil and gas industry in the North Sea, Norway, Australia and Singapore. Based in Aberdeen, the Ferguson Group is made up of Ferguson Seacabs Ltd, Ferguson Modular Ltd, Ferguson Norge AS, Ferguson Seacabs Pte Ltd and Ferguson Seacabs Pty Ltd. These international businesses provide a range of high quality accommodation modules and container rentals.
Ferguson is a major worldwide operator and has to react quickly to changes in customer demand. Due to growing demand, the company required funding to increase its container rental fleet from 12,000 to 14,000. The Group also required funding for an additional 80 accommodation modules for its international oil and gas rental fleet. The modules are a significant part of the business, providing business critical temporary accommodation to onshore and offshore locations.
Mike Melville, Ferguson Modular Financial Director, explains, "As an asset rental company, Lombard’s asset finance provides the most suitable form of funding for us. It's flexible and efficient, enabling us to react quickly to customer demand and expand the business without using up working capital. The relationship we have with Lombard should not be underestimated though. We've worked together for over a decade and its expertise and understanding of the company, and the industry, are highly valued."
Lombard created a tailored £20m finance solution to fund the accommodation modules and containers. Graham Rettie, Lombard's Corporate Relationship Director, explains, "Lombard’s relationship with Ferguson has grown alongside the business over the years and, having used Lombard before, the credit facilities were already in place to ensure the funding was delivered quickly. Lease Purchase allowed the customer to avoid drawing on vital cash reserves and the income generated by the assets means that over time they will effectively pay for themselves."
Ferguson increased its container fleet from 12,000 to 14,000 and its international oil and gas accommodation module rental fleet to 250 modules, further supporting its position as a market leader. Lombard has become a valued and trusted partner of Ferguson and looks forward to continuing its support.
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