Yorkshire Firms Secure £128m UKEF Deal for Indonesian Naval Systems
The UK Export Finance (UKEF) has backed a £128m contract for submarine rescue systems, primarily involving Yorkshire's Forum Energy Technologies (FET) and Bristol's Submarine Manufacturing and Products (SMP). This deal is projected to generate over £67m for the UK economy, highlighting the importance of advanced manufacturing in the defense sector.
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Forum Energy Technologies (FET) has been awarded a contract worth approximately £30m to design and supply submarine rescue systems for the Indonesian Navy, capable of operating at depths of 610 metres. This project, supported by UK Export Finance (UKEF), is expected to bolster the UK economy significantly and has already led to a 50% increase in headcount at FET's York facility.
Concurrently, Submarine Manufacturing and Products (SMP) will manage a separate £76m contract, contributing over £39m to the UK supply chain. Both contracts utilize UKEF-backed loan guarantees to facilitate these exports, aligning with UKEF's strategy to enhance UK manufacturing opportunities. The initiatives aim to improve submarine rescue capabilities for Indonesia following the 2021 KRI Nanggala incident, underscoring the potential for job creation and economic growth across the UK.
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