HSBC has made a loan of £20mn to Norwegian subsea services company DOF.

The loan will be used to purchase six remotely-operated vehicles (ROVs) from Forum Energy Technologies (FET), a UK oil-field technologies developer.

The finance is guaranteed by UK Export Finance (UKEF), the UK’s export credit agency.

FET commercial manager Simone Pizzolato says: “The availability of UKEF support is essential and has definitely increased our ability to bid and win export contracts in new and developing markets.”

David Havelock, CEO of UKEF, adds: “The government is determined to help UK businesses of all sizes to win contracts overseas. In the case of FET, its customer needed a £20mn loan to commit to the deal. We were able to provide a guarantee to its bank, which was then able to approve the loan. As a result, FET secured a significant new contract.”

The terms of the loan remain undisclosed.