Gov backing puts wind in sails of Middlesborough shipbuilder

Family-owned shipbuilder, Parkol Marine Engineering, has announced its new vessel, Green Isle, which on completion will sail to the west coast of Ireland from Middlesborough, marking the company’s expansion across the country. The boat is the second to be built as a result of a new £3m bond support package from UK Export Finance (UKEF). 

The contract is the second exporting win for the business, with the first contract secured in 2020 for a 27-metre fishing trawler commissioned by Irish fishing company D&N Kirwan.

Sally Atkinson, director of Parkol Marine Engineering says: “Exporting has opened up new opportunities for our business. Thanks to UKEF’s support, we’ve unlocked another major contract and expanded our business in Ireland by delivering a high-quality vessel. We’re looking forward to continuing to capitalise on our exporting potential and reach new markets.”

UKEF’s bond support deal has helped Parkol and NatWest to provide security for the buyer’s stage payments in the form of advance payment guarantees.

Louis Taylor, chief executive of UK export finance says: “The United Kingdom is charting a new course as an independent trading nation and maritime businesses are crucial to driving the global Britain we are building towards. Now UKEF support is helping shipbuilders like Parkol to harness the benefits of maritime trade and to grow their business through exporting.”

Launching its new shipbuilding vision earlier this year, the government committed to investing over £4bn to support shipyards and suppliers across the UK, with new measures including better access to finance and ‘vital skills building’. 

Simon Heighes, trade director at NatWest says: “NatWest were once again delighted to support Parkol in partnership with UKEF on this second trawler export. As with the deal in 2020, the provision of the bonding facility facilitated a vital and timely injection of working capital in to the business.”