Client stories

Geoquip charts a course for growth with $40m funding package

Safely delivering reliable data

Based in Bristol and Zurich, Geoquip Marine is a key provider of offshore geotechnical solutions, offering end-to-end geotechnical investigation services that are a critical element for the design of offshore windfarms and infrastructure projects.

Using a fleet of specialist offshore vessels, technical survey equipment and an advanced soils testing laboratory, Geoquip obtains subterranean samples from the seabed and provides engineering and scientific reporting and recommendations to its clients, who are key players in offshore windfarm development and infrastructure projects. 

Tailored debt facility offers flexibility and cash security for Geoquip’s growth 

Having formulated an ambitious five-year growth strategy which reflects Geoquip’s strong market position and the very positive market drivers for offshore wind developments, Geoquip Marine sought a strategic financing partner who could provide a flexible financing solution, so turned to NatWest for support.

The NatWest team worked closely with the Geoquip team to understand their financing requirements over the next five years. Based on those discussions, the bank provided a $40 million Revolving Credit Facility to help Geoquip both refinance existing debt and purchase a new specialised survey vessel, together with agreeing a further $20 million uncommitted accordion facility to support future vessel acquisitions.

Supporting ambitious businesses

Stewart Higginson, CEO, Geoquip Marine, said: “We are delighted with the new funding package from NatWest which will support Geoquip’s ambitious growth plans. We thank the NatWest team for their understanding of our business and market drivers and for structuring a package which offers us the flexibility we need to grow. We look forward to building on our partnership with the team.”

Jonny Wright, Head of UK Financing Solutions South, NatWest, commented: “We are thrilled to have been able to support Geoquip Marine with this financing package. Climate is of paramount importance to our business and our customers, and we are proud to continue supporting the decarbonisation of the UK economy by helping companies such as Geoquip to have the necessary funding in place to accelerate the growth of renewable energies.”


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