AFFECTED FLOWOutflow (subsidised)
ANNOUNCED AS TEMPORARYNo
The buyer credit worth 14.1 million GBP will be used to finance remotely operated subsea vehicles, which were "designed and built at the company’s UK arm in Kirkbymoorside, North Yorkshire".
In UKEF's press release, the vice-president of the subsea vehicles of Forum Energy Technologies was quoted saying "This was our second application for UKEF support, so we used our previous application as a model and, in some ways, the process was more straightforward than getting a bank loan for a car. Without UKEF support the project would probably not have gone ahead and the buyer might well have used one of our competitors with support from another country’s export credit agency".
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