Bank of London and The Middle East pic (BLME), the largest Islamic bank in Europe, has announced it signed a £14 million leasing deal with Global Marine Systems Ltd., the largest independent provider of submarine cable installation, maintenance and engineering services worldwide.
Under the terms of the agreement, BLME will support Global Marine in the purchase and refit of an offshore power cable installation barge. Once completed, the barge will be uniquely suited for the installation of a full range of subsea power cables. The increased demand for this type of cable installation barge is directly tied to the growth of offshore electricity transmission being constructed to connect the off-shore wind farms now being built throughout the North Sea and surrounding waters.
Jervis Rhodes, Head of Corporate Banking at BLME , said: “Energy is a key sector for BLME’s 2012 growth strategy and working with a market leader such as Global Marine Systems marks a solid start to the year. Funding such an asset that will advance the renewable energy sector in the UK, also allows us to contribute indirectly to the UK’s attempts to diversify its sources of energy.”
The barge, to be called Cable Enterprise, will be one of the most versatile of its type in the market. It will be equipped with a 4,000 tonne carousel, 6 point mooring system and a single drum winch with pulling force of 180T. Further, it will fitted with a plough capable of burial up to 3m making it ideal for deploying a variety of cables, including HVAC and HVDC systems.
Graeme Laing, Head of Leasing at BLME, added: “This transaction reinforces the continued growth of our leasing business and demonstrates BLME’s ability to provide competitive financing solutions for global companies as well as SMEs. We look forward to completing similar transactions in this sector in 2012 and supporting business investment and growth in the UK.”
Gabe Ruhan, Group CEO at Global Marine , said: “The growth of offshore transmission throughout Europe is creating a high demand for cable installation vessels and barges. As a leader in offshore power cable installation, adding tonnage to our fleet such as Cable Enterprise, specifically designed to meet the demanding requirements of the market, will expand our ability to deliver projects for our energy customers with attention to detail and quality.”
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Offshore WIND staff, February 21, 2012; Image: globalmarineservices