HD camera manufacturer for the oil and gas sector EV Offshore has completed a £20million re-banking option with RBS as the company eyes further global expansion.
The financing, facilitated by private equity Dunedin, comes a month after a £69million management buy-out at the Aberdeen-based company, who provides the only known downhole cameras that can produce full-colour, high-definition video images of the inside of an oil well.
The investment is set to help EV establish a strong management team as it looks to capitalise further on its global interests.
The company’s turnover increased from £1million in 2010, to close to £20million in 2014, with around 85% of its revenues currently being generated overseas.
The firm which has bases in Aberdeen and Norwich, operates in 17 worldwide locations across Northern Europe, Canada, USA, West Africa, the Middle East, Asia and Australasia.
“The Dunedin DebtBridge solution provided us with the certainty of funding at the time of the buyout and we have been impressed with how quickly they were able to secure the re-banking with RBS,” said Francis Neill, chief executive of EV.
“The teams at both Dunedin and RBS have been incredibly supportive to our business needs.”