Bank switch secures £9.5m for MarineCo

A SCOTTISH marine services company that worked on the construction of Dubai's "world island" project is set to expand further into the renewable energy sector after securing £9.5 million of funding.

Straiton-based MarineCo, which is switching lender from Royal Bank of Scotland to Clydesdale Bank under the deal, will use the extra cash to buy two catamarans for taking equipment out to offshore wind farms.

MarineCo supplies support vessels for the dredging, renewable energy and marine construction industries and has operations in Abu Dhabi, Nigeria, Kuwait and the UK.

The firm - which is owned by managing director Mike Conafray, his wife Kaye who is also the finance director, and operations director Keith Cluness - has about 45 staff.

MarineCo was the first company to order a high-speed support vessel (HSSV) from Dutch ship builder Damen. This is a twin-hulled catamaran designed to carry equipment out to wind turbines, reaching speeds of 26 knots even in heavy seas.

The Scottish firm is expected to take delivery of its first HSSV - christened the Marineco Shamal - in June, with its sister vessel, the Marineco Mariah, due for delivery in February 2012. Its fleet includes four other vessels made by Damen.

Conafray said: "The funding and support that we've received from the bank has allowed us to invest in the company's growth and continue to provide dedicated marine support to our clients."

Euan Tait, director of corporate banking at Clydesdale Bank, who worked with MarineCo to finalise the funding, added: "Mike and Kaye have a clear focus on what they want MarineCo to achieve and how they can reach these goals."

Conafray, a qualified tug master, has been involved with commercial vessels and tugs since 1976 and launched his company in February 1996.