Alicat Workboats: Boat builder sets sail with offshore wind contract

Based in Norfolk, Alicat Workboats has established itself as a specialist provider of bespoke marine and engineering services since its founding in 2009. The company specialises in building steel and aluminium vessels, particularly crew transfer vessels for the offshore wind sector.

The challenge

Despite their reputation in domestic markets, Alicat Workboats faced a hurdle when presented with an opportunity to export two offshore wind workboats to Turkey. Without appropriate financial backing, Alicat Workboats risked losing the contract to overseas competition, potentially missing out on an opportunity to expand into international markets amidst a global shortage of workboats servicing offshore wind infrastructure.

The solution

We stepped in with a crucial solution. UKEF facilitated a £2 million financing package from Virgin Money through our General Export Facility product. This solution covered the entire cost of building two vessels, providing the necessary guarantee required by the Turkish client.

The impact

The UKEF-backed financing package has enabled the company to expand its export capabilities, opening doors to future international opportunities in the growing offshore wind sector.

The deal has also had an impact on local employment, helping to maintain 35 existing jobs whilst creating valuable new apprenticeship opportunities that support the future of shipbuilding in Norfolk.