£100 million funding gives subsea firm 'room to grow'

A subsea energy cable installation firm says it is set to power forward after securing nearly £100 million backing.

Enshore Subsea has been supported by HSBC UK.

Bosses at the company, headquartered in Blyth, Northumberland, say the “pivotal” funding provides “headroom for growth”.

They add the package – which includes asset finance and an eight-figure bonding facility – will allow the company to support three German North Sea projects alongside cable system firm Nexans to shift renewable energy to the mainland. 

The support comes after the business, which has a further base in Darlington, secured work on Scotland’s Inch Cape Offshore Wind Farm and a Senegalese energy venture.

Lizzie Thomson, Enshore Subsea finance director, said: “This funding enables us to invest in the technology and assets needed to deliver our shallow-water cable installations responsibly and at scale.

“Our long-term partnership with HSBC further strengthens the role we play in supporting Europe’s transition to renewable energy.”

Stuart McLaren, HSBC relationship director, added: “It’s fantastic to support Enshore Subsea as it expands its international footprint.

“The business is a great example of a UK specialist exporting world-class expertise to global markets.”

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