Expansion of fleet serves growing demand for offshore renewables sector
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About Dalby Offshore Services
One of the largest UK marine operators, Dalby provides extensive resource and experience in crew transfer supply across the offshore marine industry, with a focus on the expanding offshore renewable energy sector. They operate 15 vessels in their fleet, including a 100ft accommodation work barge that can house up to 150 offshore workers.
What did they want to achieve?
As highly regarded providers of support vessels for the offshore wind farm industry, the business has a well-established and growing client base. With demand for their services increasing, Managing Director Stuart Mcniven was keen to expand the fleet with the purchase of two vessels.
How we helped
We arranged a joint funding package for Dalby. Worth £4.17 million, the commercial marine mortgage is a five-year deal which will see half of the loan value repaid, with the opportunity for a refinance package on maturity.
"This was the first time we’d worked with Lombard and we’ve since returned to them to discuss other funding packages. In fact, we’ve just agreed another £5.6m facility with them for five further vessels. The combined deal allowed Dalby to strongly position itself for the expected offshore renewables ramp up in 2017 and beyond."
Managing Director, Dalby Offshore
The five-year funding package has supported company growth while relieving pressure on their cash reserves.
The marine mortgage meant the company's cash flow wasn't affected when buying new vessels.
Additional and larger vessels increased the number and size of contracts that Dalby could take on.