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£6 million Brazil deal boosts Aberdeen firm Maritime Developments and its suppliers

Technology developed in the north-east is at heart of decommissioning project in Brazil.

By Keith Findlay
The Normand Cutter, the vessel Ocyan has been using for decommissioning work offshore Brazil.
The Normand Cutter, the vessel Ocyan has been using for decommissioning work offshore Brazil. Image: Department for Business and Trade

Aberdeen firm Maritime Developments and its supply chain are cashing in following a £6 million deal to help a decommissioning project offshore Brazil.

UK Export Finance (UKEF) said it provided Brazilian firm Ocyan with a loan guarantee for the sum.

It is UKEF’s first transaction in support of overseas offshore oil and gas decommissioning.

Wheel-y good deal for Maritime Developments

The deal led to Ocyan securing finance from ABC International Bank to pay for technology supplied by Maritime Developments, which is based in the Gateway Business Park, on the south side of Aberdeen, and also has an operations centre in Peterhead.

The “wheeled horizontal lay system (HLS)” is already being used to remove hundreds of miles of subsea cables and pipelines from offshore oil and gas rigs in Brazilian waters.

It was wholly designed, manufactured and commissioned by Maritime Developments, supported by a supply chain spanning more than 70 Scottish businesses.

The alternative for these operations would be to use a specialist construction vessel, resulting in high cost and scheduling challenges.”

Andrew Blaquiere, managing director at Queen’s Award-winning Maritime Developments, said: “Our engineering studies identified limitations with existing technology on the market when it came to recovery capability from deep waters like those in Brazil.

“The alternative for these operations would be to use a specialist construction vessel, resulting in high cost and scheduling challenges.

Andrew Blaquiere, managing director, Maritime Developments.
Andrew Blaquiere, managing director, Maritime Developments. Image: Maritime Developments

“We put our heads together, brainstormed alternative approaches – and delivered the wheeled HLS.

“As a result, the client – and the Brazilian market – gained a cost-effective way to kit-out a vessel of opportunity to handle high loads and tackle recovery projects.”

Charlotte Wiltshire, European head of wholesale Banking, ABC International Bank, said: “This is an important milestone transaction, promoting the UK’s expertise in the oil and gas decommissioning and renewable energy arena.

“ABC is looking forward to enabling similar energy transition projects in future”.

Martin Whalley, Britain’s trade and investment  director for Brazil, said the UK Government-backed UKEF was now a “trusted partner in Brazil’s journey towards sustainability”.

He added: “This deal also highlights our dedication to aiding companies in transitioning away from oil and gas.

“UKEF is at the forefront of supporting Brazilian enterprises in adopting more sustainable practices.”

What is UK Export Finance ?

Established in 1919, UKEF exists to ensure no viable UK export should fail for a lack of finance from the private market. It provides finance and insurance to help exporters win, fulfil and get paid for export contracts.

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