Barclays Backs CLS Offshore’s Growth Strategy

MarineLink.com
Tuesday, November 05, 2013
Photo: CLS Offshore Ltd.

Barclays has supported CLS Offshore Limited with a £2 million loan through the Funding for Lending Scheme to purchase their unique quayside fabrication facilities and business premises at Gorleston, Great Yarmouth. In addition to the aforementioned loan, Barclays has also provided various trade finance facilities to support the longer term growth strategies and plans of CLS.

CLS Offshore is an awarding winning total solution provider to the oil, gas, marine and renewable industries. The complete onshore and offshore services include, but are not limited to, surveys, design, fabrication, testing, installation, commissioning, maintenance, repair, asset integrity, modification, decommissioning, recruitment services and complete project management.

Over the past eighteen months, to support long term strategies, CLS Offshore has gone through a period of transition which has included changes at board level, simplifying processes and introducing new divisions such as a Recruitment Service and a dedicated Electrical and Instrumentation team.

Scott McMillan, Managing Director of CLS Offshore, said, “Being able to own our facilities underlines our commitment to the company’s growth, and Barclays played a key role in this. During the current year we have been able to reinvest over fifty percent of company profits back into the business, to support our long term growth aims and objectives.”

Steve Webb, Relationship Director at Barclays said, “This is a great example of a well managed company thriving in the current climate and investing for future growth. The loan we have supported under the Funding for Lending Scheme also provided the company with a 2% lump sum cash back that enabled the company to plan with confidence going forward. We would be pleased to talk to any businesses who are thinking of investing in their business.”

Barclays said it has responsibly increased lending by £7.49 billion since the Funding for Lending Scheme began, supporting businesses and households with access to finance to grow their business, buy a new home or improve their quality of life.

barclayscorporate.com

clsoffshore.co.uk
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Hercules Offshore Filing for Bankruptcy Again

Hercules Offshore Inc said it planned to file for prepackaged Chapter 11 bankruptcy, just six months after the rig contractor emerged from bankruptcy protection.

DONG Energy Listing to Value Group at up to $16 Bln

DONG Energy's has set a potential $16 billion price tag on its stock market debut, giving investors a chance to buy into the growth in offshore wind power, but

Østensjø Rederi Orders Another Wind Farm Vessel

Rolls-Royce has signed a contract with shipyard Astilleros Gondan in Spain to design and equip a second Service Operation Vessel for ship owner Østensjø Rederi.

Finance

Defense Appropriations Bill Includes $1 Bln for US Icebreaker

The U.S. Senate Appropriations Committee’s FY2017 Defense Appropriations Bill has included $1 billion in funding to accelerate construction of a new polar icebreaker for the U.

Higher Capesize Demand Pushes up Baltic Index

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Friday buoyed by higher demand for capesize vessels.

TT Club Reports Robust Financial Results for 2015

TT Club has announced its financial results for the year ended December 31, 2015, and AM Best affirms its A- (Excellent) rating for the 10th consecutive year.   Knud Pontoppidan,

Energy

Hercules Offshore Filing for Bankruptcy Again

Hercules Offshore Inc said it planned to file for prepackaged Chapter 11 bankruptcy, just six months after the rig contractor emerged from bankruptcy protection.

Strike Idles 38 Oil Tankers at Fos-Lavera

Some 38 oil tankers have been held up at the Fos-Lavera oil port in southern France, the country's biggest, including 25 at harbour, up from 12 the previous day,

Höegh LNG Turns to Profit in 1Q

Höegh LNG returned to profit following a Profit after tax of USD 6.3 million for the first quarter of 2016, up from USD 4.0 million net loss in the fourth quarter 2015.

News

SAFE Boats Delivers First CIV for Air and Marine Operations

SAFE Boats International (SBI), a manufacturer of aluminum boats located in Bremerton, Wash., has completed the first Coastal Interceptor Vessel (CIV) on contract from U.

Konecranes-Terex Deal to Proceed as Zoomlion Drops Rival Bid

China's Zoomlion Heavy Industry Science and Technology Co Ltd has abandoned its $3.4 billion bid for U.S. crane maker Terex Corp , clearing the way for a smaller

Higher Capesize Demand Pushes up Baltic Index

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Friday buoyed by higher demand for capesize vessels.

Marine Equipment

Konecranes-Terex Deal to Proceed as Zoomlion Drops Rival Bid

China's Zoomlion Heavy Industry Science and Technology Co Ltd has abandoned its $3.4 billion bid for U.S. crane maker Terex Corp , clearing the way for a smaller

MAN 28/33D STC Engines for Thai Navy’s New OPV

The Royal Thai Navy has ordered a new 90-m offshore patrol vessel (OPV) to be constructed at Mahidol Adulyadej naval dockyard in Sattahip.  The newbuilding, an improved River-class design,

Norsafe Debuts New RIB in Gothenburg

Norsafe has released its first RIB, the Marathon 900, to compliment its range of boat models for professional and military customers.  Launched at High Speed

Offshore Energy

Hercules Offshore Filing for Bankruptcy Again

Hercules Offshore Inc said it planned to file for prepackaged Chapter 11 bankruptcy, just six months after the rig contractor emerged from bankruptcy protection.

VOS Sugar First Charter

The newest addition to Vroon’s fleet, subsea-support vessel (SSV) VOS Sugar, recently started work in the BARD Offshore 1 Offshore Wind Farm (OWF). The vessel

China COSCO Moving to Offshore Winds

China COSCO Shipping, which uses bulk carriers and container vessels to transport goods, has seen its cargo business decline amid China's slowdown and has decided

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Offshore Oil Port Authority Ship Electronics Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2241 sec (4 req/sec)