MMS Offshore Renewable Services Ltd, the provider of support services for the offshore wind industry, has expanded its fleet for the second time this year, marking a new chapter in its ambitious growth story.
The company, which is headquartered in Hull, has used a major lending package from Yorkshire Bank, alongside its own capital, to acquire a new DAMEN Fast Crew Supplier ‘Twin Axe’ vessel, named MMS Superior.
The fresh purchase means MMS Offshore now boasts three high-spec work vessels, with the (added workboat) MMS Superior operating alongside MMS Supreme and MMS Crusader, enabling the business to service more customers and wind farms in the North Sea, bolstering its market share in the growing sector.
The large investment comes after a successful year of trading for the business, during which it added seven crew members to its roster and established a new operational hub at Grimsby docks, from which MMS Superior will operate, expanding the company’s footprint and signalling its commitment to the region.
Rob Langton, managing director at MMS Offshore Renewable Services, said: “It’s been a thrilling year for our business. We’re proud of what we’ve been able to achieve and how our investments will benefit the region’s marine sector as a whole, which has been in need of new entrants and competition in the market.
“Yorkshire Bank’s team were the obvious choice to partner with on this journey, given our historic relationship. Over the last decade they’ve leveraged a strong understanding of our sector and business – this has been invaluable to us and has given us sustained confidence in our plans.”
Established in 2013, MMS Offshore is the specialist wind subsidiary of MMS Ship Repair and Dry Dock Co. Ltd, the parent company, which celebrated its 31st anniversary in November.
The offshore support arm owns and operates professionally operated workboats, which travel up to 150 miles out into the North Sea, offering clients equipment supply, crew transfer, civil engineering support and offshore survey work.
The funding deal was delivered by Peter Hough and Daniel Ruston, Commercial Relationship Managers at Yorkshire Bank. Peter said: “Yorkshire and the Humber is one of the UK’s leading regions when it comes to renewable energy generation and consumption, much of which comes from its thriving offshore wind industry.
“MMS Offshore has effectively exploited this regional trend, making it perfectly placed to grow its hold of the market further with these exciting purchases. We’re proud that our lending, which included exchange rate hedging to protect the business from adverse currency movements in the Euro before the vessel’s delivery, means the company is now in an even stronger position.”