£200,000 Tees Valley Catalyst Fund loan helps Copperchase win $6 million oil refinery contract

A Cramlington-based company has won a $6 million contract with Hyundai Engineering & Construction to construct a new security fence for an oil refinery in Karbala, Southern Iraq.

Copperchase Ltd (Copperchase) used a £200,000 loan from the Tees Valley Catalyst Fund, which is managed by FW Capital, to secure the performance bond it needed, from Lloyds Banking Group.

The company has already worked with large engineering and construction companies in the Middle East, United Arab Emirates and South Korea and hopes this latest contract will open the door to further contracts in the region over the next 5 years.

“We were pleased to win the Karbala refinery contract which will hopefully lead to even more work in the region.  We’ve won a number of significant projects in recent years, but this is our largest to date and the Tees Valley Catalyst Fund loan was vital in helping us to fund the performance bond we needed.

“We believe this contract will really showcase our technical and project management capabilities and be the springboard we need to win even larger contracts in future,” explained Copperchase Director, Paul Boydell.

The Tees Valley Catalyst Fund was conceived by Tees Valley Unlimited (TVU), the Local Enterprise Partnership for the Tees Valley to provide companies in the Tees Valley with the finance to grow and prosper.

Last October access to the fund was widened to businesses across the North East and in parts of North Yorkshire. 

TVU’s Managing Director, Stephen Catchpole said: “The award to Copperchase demonstrates how the Catalyst Fund unlocks business opportunities and enhances a company’s ability to secure significant contracts and deliver growth.”

Originally specialising in air traffic control systems, Copperchase became global market leader in the niche Air Traffic Control sector before diversifying to take advantage of new opportunities in emerging markets.

It set up its Middle-East projects business to take advantage of opportunities in construction and infrastructure, and has quickly built up its presence in the region. 

FW Capital Investment Executive, Chris Johnson worked with Copperchase to provide the short-term loan.  He said:  “Copperchase has really expanded its overseas presence since it was first established in 1990. In recent years, the team has set up the company’s Middle-East offices to take advantage of opportunities in emerging markets like Iraq.
 
“We’re delighted to provide them with the financial backing needed to deliver this contract.  Copperchase has a great deal of experience with large global engineering and construction companies and is an excellent example of a North East company making its mark on the world map.  This contract has the potential to boost Copperchase’s prospects significantly.”

Copperchase operates from its headquarters in Cramlington, Northumberland with offices in Poole, Dorset, The United Arab Emirates and South Korea.