Coates Offshore secures 'multi-million' refinancing

Coates Offshore, UK-based rental company that rents equipment to the offshore oil and gas industry worldwide, has secured a “multi-million” refinance package in support of its international growth strategy.

The refinance package, with HSBC bank, will help the company expand its international operations and boost its rental fleet.

Aberdeen-based Coates Offshore, which is owned by Australia’s Coates Hire, reported record sales of £20 million for the year ending 30 June 2013 and it said it was on target to grow again this year, with a 14% increase in sales year-on-year for the first four months of the current financial year.

"In a move to support global business operations Coates Offshore went out to the local market for the first time and I am pleased to announce the successful refinancing package with HSBC”, said Kieran White, Coates offshore executive director. “As we continue to internationalise the business we need the support and benefits that come from working with an international bank.

"Partnering with HSBC not only provides our business with a number of direct benefits but also enables us to pass those benefits on to our customers. HSBC will make doing business internationally easier and open up new global opportunities for Coates Offshore."

Coates Offshore rents equipment including zone II compressors, steam generators, heat exchangers and sand filters to the offshore energy industry worldwide.