Workboat builder wins contract with £2m finance

The Norfolk-based boat builder has secured a financial package from Virgin Money that is backed by UK Export Finance (UKEF), the UK’s government export credit agency whose role is to support British exporters.

The £2 million (€2.4 million) package will enable Alicat to build the two workboats for export to Turkey, where they will be housed on another 90m vessel and transported to and from an offshore wind farm to reduce fuel use.

Worth almost £1 million each, the workboats will be built in Norfolk, England using 100% British materials, the firm says.

“Without the support, Alicat may have had to turn down these contracts and lose them to overseas competition,” says Alicat. “There is a global shortage of workboats servicing the offshore wind infrastructure. The contract win is a sign of international demand for British renewables expertise in the marine sector.”

The cash, says Alicat, has allowed the firm to support 35 jobs and take on new apprentices as well.

“I would encourage any small businesses looking to start exporting or growing their existing export business to contact their local UKEF Export Manager and make use of the advice and schemes that are available,” said Alicat Workboats general manager Simon Coote.

UKEF says it has provided £8.8 billion (€10.5 billion) of financial support to UK exporters since 2023.