Kelvin Hughes wins naval contract with UK Export Finance support
UKEF helps British radar technology company, Kelvin Hughes, equip the Royal New Zealand Navy鈥檚 new fleet tanker with a navigation bridge system.
| About the transaction: Kelvin Hughes | |
|---|---|
| Region | London |
| Sector | Defence and security: navigation and surveillance systems |
| Export destination | New Zealand |
| UKEF support | Bond Support Scheme |
Radar technology company, , made a bid for a contract to supply the Royal New Zealand Navy鈥檚 (RNZN) new Maritime Sustainment Capability vessel with an Integrated Navigation Bridge System (INBS). Finding sufficient cash flow to fulfil the contract was a challenge. Kelvin Hughes was able to secure an advance payment to finance the work. In return, the RNZN required an Advance Payment Guarantee from Kelvin Hughes鈥檚 bank which was not possible within its existing financial arrangements.
With help from UK Export Finance (UKEF), Kelvin Hughes found a solution. Under our Bond Support Scheme, we provided Santander with a guarantee for 80% of the value of the Advance Payment Guarantee within three weeks. Our support helped Kelvin Hughes win the contract and demonstrate its position as a leading provider of navigation systems.
David Millard, Finance Director at Kelvin Hughes, said:
Our experience with UKEF has been fantastic. Their process was very straightforward, and we couldn鈥檛 believe the range of support it offers. Having our financial package in place with the bond support guarantee that we received from UKEF gave us the competitive edge that we needed to win this contract. We could not have done it without UKEF.
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