Northumberland-based cable protection specialist Enshore Subsea has secured a substantial £100 million funding package from banking giant HSBC, marking a significant milestone for the firm as it expands its operations in the European renewable energy sector.
A Strategic Partnership for Growth
The asset finance and eight-figure bonding facility provided by HSBC represents the latest development in a longstanding partnership between the bank and the Blyth-based company. This financial backing will enable Enshore Subsea to undertake three major projects in the German North Sea, awarded through a six-year framework agreement with cable systems specialist Nexans.
Supporting Europe's Energy Transition
These critical infrastructure projects are being planned and installed by TenneT Germany and will contribute significantly to offshore grid connection systems linking the North Sea with the German mainland. Enshore Subsea will take responsibility for installing the Wadden Sea sections of the submarine cable system, playing a vital role in Germany's transition to renewable energy sources.
Building on Recent Success
The funding comes at a time of strong performance for Enshore Subsea, with the company's most recent accounts for 2024 showing a fourth consecutive year of record trading. The firm achieved revenue of nearly £60 million with an operating profit of £6.6 million, demonstrating robust financial health and market position.
Global Expansion and Technological Investment
Enshore Subsea has been actively investing in its patented survey technology alongside world-class trenching equipment. The company has also secured an installer vessel through a joint venture with Belgian company Herbosch-Kiere, enhancing its operational capabilities. In 2024, the firm established a Rotterdam office specifically designed to help secure larger-scale projects with shallow water complexity in North West Europe.
Leadership Perspectives on the Deal
Lizzie Thomson, finance director at Enshore Subsea, commented on the significance of the funding arrangement. "This funding marks a pivotal moment for Enshore Subsea," she stated. "It supports the delivery of our existing projects while giving us the headroom for growth. Additionally, it enables us to invest in the technology and assets needed to deliver our shallow-water cable installations responsibly and at scale."
Stuart McLaren, relationship director at HSBC UK, expressed enthusiasm for supporting the company's international expansion. "It's fantastic to support Enshore Subsea as it expands its international footprint and continues to deliver critical infrastructure for the renewable energy sector," he said. "The business is a great example of a UK specialist exporting world-class expertise to global markets."
Building on International Success
Pierre Boyde, CEO at Enshore Subsea, highlighted how this deal builds upon the company's growing international track record. "We are delighted to continue to build on our existing relationship with HSBC with this deal," he remarked. "The contract wins it supports builds on our growing international track record, following on from our award of the export cable installation for the Inch Cape Offshore Wind Farm, off the coast of Scotland, and our ongoing works on the Senegal Power Compact Project."
Company Background and Resilience
Enshore Subsea, which faced potential closure in 2020 before being acquired by Saudi group Algihaz Holding (later Al Gihaz Contracting in 2021), has demonstrated remarkable resilience and growth. The company specialises in trenching and cable installation services for the global offshore energy sector and employs approximately 100 people at its Blyth headquarters.
The £100 million funding package represents not just financial support but a vote of confidence in Enshore Subsea's technical expertise and strategic direction as it continues to secure larger global projects following recent export cable installations in Scotland and Senegal.
