Scotland business

Lloyds funding boost for EnerMech

man in crane simulator
Image caption EnerMech operates in all the major oil and gas hubs

An Aberdeen-based mechanical engineering company has won £24m of new funding.

EnerMech said the deal with Lloyds Banking Group would help it expand.

The measures includes the £4m sale of EnerMech's existing premises to Lloyds as well as up to £20m in credit facilities.

EnerMech provides engineering services for offshore cranes, lifting and hydraulic equipment and employs 450 staff people throughout the world.

As well as its UK operations, EnerMech operates in the USA, Norway, Caspian, Middle East and Asia Pacific regions.

Doug Duguid, managing director of EnerMech, said: "EnerMech has quickly built up a global reputation in all the major international oil and gas hubs and our ambition is to strengthen the group with further acquisitions in the months ahead."

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