RBS funding package enables Mainprize expansion
Mainprize Offshore Limited, a family-run workboat charter business operating multi-purpose vessels based in Scarborough, UK has expanded its fleet after receiving a funding package of almost £2m from the Royal Bank of Scotland.
The company’s two main vessels, the MO1 and MO2, are currently in operation, with the MO3 having recently completed its first contract ahead of schedule. The newest and most fuel-efficient vessel, the MO4, covered in more detail in August’s Maritime Journal, has been launched and is now operating from Hooksiel, with plans ongoing for the MO5. The new vessels will allow Mainprize Offshore to continue the expansion of its support to the offshore oil, gas and renewable industries and create jobs.
Bob Mainprize, Director, said: “While we have a good reputation in the offshore industry, the funding received from Royal Bank of Scotland was necessary to allow us to continue our operations effectively and expand. We’re always striving to be better and this is a big step in helping us do so. We recently completed a transaction for the MO3 vessel which involved a complex set of procedures. RBS gave us constant support throughout this time, and their help enabled the vessel to be put straight on charter.”
The work carried out by the new vessel will expand the work Mainprize does in underwater cables, pipeline guarding, seabed surveys, traffic monitoring and crew and equipment transfers.
The company, owned by Bob and Sharon Mainprize, was established in 1979 with a single fishing vessel, the Maggie M. The company decided to diversify into oil and gas support work with their fleet of multipurpose work vessels having grown steadily since then, and the company now has an annual turnover of in excess of £5m thanks to the recent North Sea renewables boom.
The company enjoys a strong reputation in the sector, and was involved in the early stages of the wind farm industry.
Eileen Tocher, Royal Bank of Scotland Relationship Director, said: “Mainprize Offshore is a well-established company that prides itself on innovation and delivering high quality service in a complex industry. It has been rewarding to support them over many years, and we are confident that the new edition to their fleet will help the company develop and further improve its services.”
By Jake Frith
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