Refinancing helps established UK workboat operator conquer the waves.
About Delta Marine
Delta Marine are a UK workboat operator that has a fleet of six multi-purpose vessels that offer the superior towage, anchor handling and manoeuvring capabilities needed by the renewables, oil and gas, fisheries and salvage industries.
What did they want to achieve?
Faced with more workboat operators chasing a reduced supply of work, they realised tot progress they needed to do something innovative. They wanted to design, specify and commission a state-of-the-art DP2 vessel, the Voe Vanguard.
How we helped
In an era that has seen a decline in traditional ship finance and a lack of provision from regional banks, getting the finance to bring Voe Vanguard into being was not all plain sailing. In order to generate working capital for the deposit Lombard offered the new specialist commercial marine finance solution and through the provision of a £4.5m loan facility secured four of Delta Marine’s existing vessels structured against their usable lives. The loan, spread over a five-year term, would enable Delta Marine to provide the remaining deposit for the new vessel.
“Lombard’s sector knowledge and flexible approach, combined with the Royal Bank of Scotland local presence made it a really positive move.”
MD, Delta Marine Ltd