Abnormal Load Engineering targets growth after banks take the strain
STAFFORDSHIRE-based Abnormal Load Engineering (ALE) has secured funding from a lending club of four banks to support its on-going international expansion plans.
The undisclosed refinance provides the group with a material increase in both revolving credit and bonding facilities.
The refinance was completed by the group’s existing banking syndicate, comprising RBS CIB, Barclays, HSBC and Santander.
Founded in 1983, Hixon-based ALE caters for lifting, transporting, installing, ballasting, jacking and weighing very heavy loads, typically in excess of 300 tonnes.
It uses engineering expertise, specialist project management experience and an extensive fleet of assets to provide end-to-end solutions to multiple industry sectors.
Energy markets, in particular, have become a key client of the group with ALE contracted to transport items such as oil rigs and extraction plants from the original fabrication yards to their end place of operation.
ALE sits at the forefront of its market due to the development of innovative solutions such as the Mega-Jack system, capable of lifting 60,000 tonnes.
In May this year the firm successfully completed the world’s heaviest jack up for Exxon Neftegaz at the shipyard of Daewoo shipbuilding and Marine Engineering Co in South Korea. With a final jacking weight of 42,780te, the lift was the heaviest load ever ‘jacked’ and nearly double the weight of the previous record.
ALE now employs 1,000 people worldwide and has offices in 26 countries. Group revenues have increased by around 100% over the last three years to €261m for the year to March 2013.
Ben Dawson, director – structured finance, Midlands at RBS CIB, said: “The management team at ALE have done an exceptional job. ALE is a global success, capitalising on multiple sector opportunities and promoting their skills in emerging markets.
“RBS is delighted to participate in the new facility suite and look forward to supporting the continued growth of the group.”
