Scotland's Fletcher Shipping Snaps Up PSV

North Sea supply specialist Fletcher Shipping buys 'FS Taurus' its third vessel in five years.

Currently operating in the Forties section of the North Sea, Taurus will take the total number of employees at Fletcher to 90. Set up in 2007 with backing from the Royal Bank of Scotland, the company transports food, equipment and other supplies to offshore oil and gas operators, reports 'The Scotsman'.

The purchase of the Taurus – a 2,600 tonne vessel built in 1991 – has been backed by RBS and the Scottish Loan Fund (SLF) run by Maven Capital. The SLF provided £4 million upfront, with the option to draw down a further £1m, to help part-fund the deal.

Set up in 2011 by the Scottish Investment Bank division of Scottish Enterprise, the SLF aims to help plug the funding gap for small and mid-sized firms. To date, it has put more than £20m into seven companies.

Source: The Scotsman