By Brian Donnelly

MARITIME Developments Limited, the Peterhead “back of boat” energy systems and services company, has secured £5.25 million of funding from ThinCats.

The funding from the lender to mid-sized SMEs will be used to refinance existing loans and create additional working capital to support MDL in its long-term development plans.

The business has grown into designing, manufacturing and renting a full suite of lifting and handling equipment and providing consultancy, equipment and personnel services for global offshore oil and gas and windfarm operators after being founded in the 1990s by current chief executive Derek Smith to provide engineering services to the North Sea fishing industry.

The funding represents the largest deal to date for ThinCats in Scotland.

Mr Smith said: “Since we launched more than 20 years ago, we have had to be quick to adapt to the ups and downs of both our fishing and energy clients.

“We see exciting opportunities in the subsea sector with our renewable and traditional energy customers, however, our existing finance facilities were too rigid for our growth plans.

“The new funding means we can be very nimble in offering our clients unique blends of purchase and rental equipment to meet their purchasing and scheduling requirements.”