£5m funding boost spells rapid expansion for Leask Marine Ltd

Leask Marine

INTERNATIONAL marine renewable energy contractor Leask Marine Ltd has achieved record growth after obtaining a £5.3m funding package from Royal Bank of Scotland and Lombard.

The Orkney-based company, which is a world-leader in the marine renewable sector, secured a complete funding package consisting of asset-backed lending, term loan and a working capital facility from its financial partners to acquire essential equipment to undertake several new contracts, fortifying its position in the tidal and offshore renewable energy market.

Since receiving the investment, Leask Marine are aiming to almost double their turnover and workforce this season to assist in completing the number of new contracts won due to its newly purchased ‘top of the range’ equipment and un-matched expertise in the sector.

Most recently, the new equipment – which principally included a brand-new Damen Multicat workboat called C-FORCE – towed the world’s most powerful tidal turbine from Dundee to Orkney, further enhancing Orkney’s position as a leader in marine wave renewable technology.

Douglas Leask, managing director of Leask Marine Ltd, said: “This has been a record year for Leask Marine Ltd which is not only a sign of the world-leading work we do, but also signifies the rapid expansion of the offshore and marine renewable technology sector as the world looks to a greener future.

“Our field is one filled with intricacies and requires knowledge and expertise to understand the market – this is something the team at Royal Bank of Scotland and Lombard have in abundance. The careful management of our funding by the team has given us the resources, and confidence, to press ahead in the acceleration of our growth plans.”

Royal Bank of Scotland is principal banking partner at this year’s COP26, which takes place in Glasgow in November, and this partnership is one of many which supports the bank’s aim to increase its sustainability credentials.

Margaret Keenan, senior relationship manager at Royal Bank of Scotland, said: “Having worked with Leask Marine for more than 20 years, I am extremely proud that we have helped enable its recent growth which in turn is creating greener and more sustainable communities.

“We enabled a flexible funding structure, combining Lombard and their specialist Commercial Marine Team’s assistance to ensure the correct and appropriate support was offered to this long-standing customer. This allowed Leask Marine to progress with its business objectives, continue expanding its client portfolio and provide offshore and marine renewable energy to Scotland and beyond.”

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