Hull firm secures contract in Nigeria with UKEF and HSBC support
Heating, ventilation and air conditioning (HVAC) supplier North Sea Ventilation Ltd wins contract with government-backed finance.
| About the transaction: North Sea Ventilation Ltd | |
|---|---|
| Region | East Yorkshire |
| Sector | Energy: cooling equipment |
| Export destination | Nigeria |
| UKEF support | Bond Support Scheme |
North Sea Ventilation Ltd (NSV) secured a £500,000 order to supply cooling equipment to oil and gas company Nigeria LNG Ltd. Under the terms of the contract, the buyer agreed to provide a 50% advance payment to fund the project in the preliminary phases of the manufacturing process.
However, NSV had to provide an advance payment guarantee through its bank in return. HSBC was not able to provide a bond of the size required within NSV’s existing credit arrangements, so the bank turned to UK Export Finance (UKEF) for a guarantee under our Bond Support Scheme.
Neil Waterhouse, Senior Business Manager at HSBC said:
Working with UKEF has helped us help our customer. With this support, NSV’s exports are going from strength to strength. Our new partnership with UKEF means that we’re able to make the process as quick and easy as possible – for the customer and for us.
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