OIL and gas engineering service business Plexus Holdings said yesterday it had secured a 25% increase in its banking facilities.
The Aberdeen firm has completed annual renewal negotiations with Bank of Scotland Corporate (BoSC) and now has £4million credit on a three-year revolving basis, with an additional £1million overdraft on a yearly term.
The directors believe this funding increase, plus cash flow generated from trading, will allow Plexus to deliver on its short to medium-term plans.
Chief executive Ben van Bilderbeek was delighted with the increase in the banking facilities, especially given the prevailing conditions in the debt market.
He looked forward to the future with confidence.
The weakening of sterling is seen as a potential boost for the company’s growing international activities.
Douglas Bodie, director of BoSC Aberdeen, said: “We are delighted to be helping Plexus with its expansion plans, and congratulate the Plexus team on continuing to secure new contracts with the oil and gas majors.
“The recent contract win from Shell Brunei is impressive and a good example of technology driven from Aberdeen being accepted on a worldwide basis.”