Leading UK subsea specialist contractors is the latest North East company to secure funding from the Tees Valley Catalyst Fund managed by FW Capital
Darlington-based Modus Seabed Intervention (Modus), which is
part of the Tompkins UK Group, has secured a £170,000 short-term
loan from the fund to finance the performance and warranty bond
required to deliver a £1.7million contract in the offshore wind
Modus is one of a number of sub-contractors working with leading
European energy group, DONG Energy, the Danish company laying the
foundations of the extension to the Burbo Bank offshore windfarm
8km off the coast of Liverpool Bay in the Irish Sea.
Modus is surveying for, and disposing of, unexploded ordinance
at the new windfarm site and hopes that successfully delivering
this contract will open the door to similar large offshore wind
FW Capital worked closely with Modus and its bank, HSBC, which
provided the bonding required for the contract.
Modus’ Finance Director Mark Short said: “Modus has both the
capacity and capability to expand its market share in the energy
sector. This contract could be pivotal in paving the way to us
winning further contracts in the sector and demonstrating our
diverse range of services.
“The Tees Valley Catalyst Fund has provided us with the backing
we needed to win this contract and winning it is excellent news for
us. We quickly established a relationship with FW Capital and they
worked with us and our bank to ensure we had the finance in
Modus is a well-established company operating a comprehensive
range of unmanned underwater vehicles which can be deployed across
the entire life cycle of a subsea field development.
With the North Sea oil industry a key market, 2014 was a
challenging year for the subsea sector.
While Modus continues to work with companies in the oil and gas
and telecoms sectors around the world, it has invested in
cutting-edge technology and developed its capabilities to take
advantage of opportunities in the offshore wind sector.
FW Capital Investment Executive Chris Johnson said: “Modus is a
business on an exciting growth path which is flying the flag for
the Tees Valley. It’s an innovative company with a fantastic track
record and an excellent reputation for providing market-leading
products and services.
“Modus operates in a highly competitive marketplace and winning
this contract is fantastic news for the company and its employees.
It will open up new opportunities in future and I’m pleased that
the loan from the Tees Valley Catalyst Fund has played a key role
The Tees Valley Catalyst Fund was conceived by Tees Valley
Unlimited (TVU), the Local Enterprise Partnership for the area to
provide companies with the finance to grow and prosper. Backed by
Regional Growth Fund, in October 2014 the fund was widened to
businesses across the North East and parts of North Yorkshire.
Neil Kenley, Director of Business Investment at Tees Valley
Unlimited said: “We wanted the Catalyst Fund to be the facilitator
that would allow ambitious companies to reach new markets, win new
contracts and showcase their capabilities on an international
“The Tees Valley and wider North East has a wealth of unbridled
knowledge and expertise and when we capitalise on that more work
and more jobs come our way.”
HSBC Relationship Director Stuart Henry said: “Modus is really
demonstrating the strength of the offshore and subsea supply chain
here in the Tees Valley. As they continue to secure new contracts
in both the UK and overseas, we look forward to working with FW
Capital and the Tompkins UK Group, supporting the company as they
continue their growth strategy.”