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Press release TRADE MINISTER ANNOUNCES UKEF SUPPORT FOR SCOTTISH OFFSHORE WIND EXPORTS Government bond support scheme unlocks major export contract in Taiwan for FoundOcean, creating local
jobs. This was published under the 2019 to 2022 Johnson Conservative government * FoundOcean secures a contract to supply the foundations for a 100-turbine offshore wind farm in Taiwan,
creating 30 new jobs in Livingston, Scotland * 80% of FoundOcean’s revenue now comes from renewable energy projects as companies transition to low carbon future * Export win follows £500
million UKEF guarantees to help finance offshore wind farms in Taiwan International Trade Minister, Graham Stuart, visited the world’s largest offshore construction grouting specialists
FoundOcean in Livingston, Scotland, to announce a major new export contract won by the firm which will create 30 new green jobs in the local area. FoundOcean have won a contract to provide
the foundations for a 100-turbine offshore wind farm in Taiwan after receiving financial support from UK Export Finance (UKEF), the government’s export credit agency. The company will
provide the foundation grouting to enable wind turbines to be secured to the seabed to form the wind farm. The farm will then be able to produce over 1GW of power – equivalent to 20% of the
level the UK produces. GRAHAM STUART MP, MINISTER FOR EXPORTS SAID: > The UK has one of the world’s best export credit agencies in UKEF, > which will help Scottish exporters like
FoundOcean as we level up > every part of the UK and build back greener from the pandemic. > > UKEF is helping us to accelerate the transition to clean energy, > which will
bring prosperity and a wide range of sustainable jobs to > Scotland. UK GOVERNMENT MINISTER FOR SCOTLAND, DAVID DUGUID, SAID: > Seeing a pioneering Scottish company like FoundOcean win
this > contract underlines UKEF’s important role in showcasing Scotland > as a thriving hub of industry on the world stage. > > As well as creating 30 jobs, this work
demonstrates the global > potential for Scottish businesses in supporting clean energy, part > of the UK Government’s ambitious ten point plan for an industrial > green revolution.
FoundOcean has transitioned towards renewable energy over the last decade, and is now supplying some of the largest offshore wind farms in the world. 80% of FoundOcean’s businesses now comes
from renewable energy projects and the firm now has clients across the globe in South East Asia, Gulf of Mexico and in the Netherlands, anticipating that over half of its contracts will be
abroad this year. JIM BELL, CEO OF FOUNDOCEAN, SAID: > Our business has been running for over fifty years and in the last > few, we’ve managed the transition to mainly renewable
energy. > > Thanks to UKEF’s support, we have been able to fulfil a major > contract, grow our business and create vital jobs for people across > the country. We’re so proud to
play a part in powering Taiwan’s > own green energy drive. The UK is the world’s biggest offshore wind market with 10.4GW of total installed capacity, and the UK government is helping UK
companies export the country’s expertise to new, emerging markets – a core part of its ten point plan for a Green Industrial Revolution. UKEF has provided £500 million of financing for 3
offshore wind projects in Taiwan since late 2019, helping to unlock the export potential of the UK’s offshore wind sector. Offshore wind projects often require a performance bond – ensuring
completion of the project – at up to 15% of the contract value before work is even commenced. This would have meant putting a significant deposit forward and, due to the scale of the Taiwan
project, FoundOcean was unable to arrange this through its bank. UKEF stepped in with bond support that enabled FoundOcean to fulfil the contract. CRAIG GREEN, EXPORT FINANCE MANAGER AT
UKEF, SAID: > Businesses like FoundOcean are central to the world’s renewable > energy revolution, and UKEF is here to ensure they can export their > specialist products across the
globe, get paid, and create more jobs > to support the transition. BACKGROUND ABOUT UK EXPORT FINANCE UK Export Finance is the UK’s export credit agency and a government department,
working along-side the Department for International Trade as an integral part of its strategy and operations. Established in 1919, it exists to ensure that no viable UK export should fail
for a lack of finance from the private market. It provides finance and insurance to help exporters win, fulfil and get paid for export contracts. Media enquiries: Andy Aston, Head of News
and Corporate Communications Email [email protected] Mobile +44 (0)7458 047053 SHARE THIS PAGE The following links open in a new tab * Share on Facebook (opens in new tab) *
Share on Twitter (opens in new tab) UPDATES TO THIS PAGE Published 4 June 2021