Finance facility secures export order

A £2.7m asset finance facility has been secured to help fulfil an export order to Cyprus from Tyneside-based manufacturer Soil Machine Dynamics (SMD).

Arranged by Lloyds Bank Commercial Banking’s Corporate Asset Finance team and underwritten by the UK government’s Export Credit Agency, UK Export Finance, the funding is to support the sale of an SMD Remotely Operated Vehicle (ROV) to Senaxell Shipping for its oil & gas exploration activities.

ROVs are unmanned vehicles that are used to carry out subsea operations at depths down to 4000m. The vehicles are operated by a pilot based in a control cabin located on the ship’s deck.

Senaxell plans to deploy SMD’s ROV – its Quasar MK II Work-Class system – offshore in the Mediterranean Sea.