Clydesdale Bank provides £7.5m in funding to boost expansion and growth for Caldive Ltd
Caldive Ltd has used £7.5 million in funding from Clydesdale Bank, alongside its own capital, to acquire a 33-metre renewable services workboat which will significantly boost the company’s capacity to service clients in the renewable energy sector.
Caldive Ltd is one of Scotland’s largest diving and marine contractors. It provides diving and marine services for a range of sectors including civil engineering, oil & gas, shipping and nuclear power. Its expert teams work across projects including pipeline construction, ship inspection and repair and subsea cable installation.
The purchase of the new state-of-the-art offshore construction vessel, named Isle of Jura, has expanded the Caldive’s fleet and has set the stage for rapid new growth at the business.
The new vessel’s high specification and offshore capability will expand Caldive’s range of operations to North and West Europe and beyond.
A total of 18 new jobs have been created at Caldive to operate and service the ship, taking its total number of staff to 68 across diving, back office, management and service roles.
The business is now aiming to double turnover from £5m to £10m in the next two years, as a direct result of the purchase.
Established in 2002 and headquartered in Invergordon, Caldive operates as part of the Seafast group of companies.
Iain Beaton, managing director, said: “This is a colossal step forward for our business. Historically, we’ve been limited to in-shore work, with a 60-mile range from port in which our vessels operated. This vessel, besides being far more powerful than those in our existing fleet, provides unlimited navigation – she can go anywhere in the world.
“Clydesdale Bank’s support was essential on this transaction. We’ve maintained a close relationship with their team for over 20 years and they’ve consistently backed us throughout periods of smooth, but also choppy market conditions. Their track-record of expertise in our sector means they remain the go-to choice as a banking partner.
“Their willingness to support a smaller company like ours with a purchase of this magnitude, speaks to their belief in our operating model and intimate understanding of our business – which we highly appreciate.”
Graeme Johnston, commercial relationship manager at Clydesdale Bank, said: “We’re thrilled to be actively supporting a local firm with a rich heritage in its industry. Our help will give their brand a major boost in the renewable energy space – a sector that is often dominated by larger foreign competitors.”