A major export deal backed by UK Export Finance (UKEF) is set to deliver a significant boost to Yorkshire\u2019s advanced manufacturing sector, with York-headquartered Forum Energy Technologies (FET) at the heart of a \u00a3128m agreement to supply submarine rescue systems to the Indonesian Navy.<\/p>\n
FET, alongside Blackpool-based Submarine Manufacturing and Products (SMP), is leading the UK supply chain on the project, which is expected to generate more than \u00a367m for the domestic economy while supporting jobs across multiple regions.<\/p>\n
FET\u2019s contract, valued at approximately \u00a330m, will see the Yorkshire business design and deliver a submarine rescue system capable of operating at depths of up to 610 metres. The award has already driven substantial growth at the company\u2019s York site, where headcount has increased by around 50% over the past year, underlining the strength of demand for high-specification subsea engineering capabilities.<\/p>\n
Chris Buckle, commercial manager at FET, said: \u201cFET is proud to be working with the Indonesian Navy on the supply of a 610m rated submarine rescue system. This award reflects the Navy\u2019s commitment to enhancing submarine safety and rescue preparedness, and we are honoured to contribute our proven expertise, technology and operational experience to this critical capability.\u201d<\/p>\n
The company, which has more than 45 years\u2019 experience in subsea vehicle design and manufacturing, has delivered over 900 systems globally and continues to strengthen its position in the defence and offshore markets through projects of this scale.<\/p>\n
Alongside this, SMP Ltd will lead a separate contract worth \u00a376m, contributing more than \u00a339m into the UK supply chain. The Bristol-based specialist in commercial diving and subsea engineering will work with a network of UK partners to deliver a 50-person submarine rescue vehicle system, alongside associated training and vessel design services.<\/p>\n
Ben Sharples, managing director at SMP Ltd, said: \u201cSMP Ltd is proud to support the Indonesian Navy with our 50-person submarine rescue vehicle, which can be deployed by air and by sea. Supported by a new build mothership, it is able to provide rescue coverage across Indonesia\u2019s extensive archipelago. UKEF\u2019s backing and the support of its financial partners has been critical to contracting this vital capability.\u201d<\/p>\n
Both contracts have been enabled through UKEF-backed loan guarantees, with financing provided via international banking partners. The support forms part of UKEF\u2019s wider strategy to unlock export opportunities for UK manufacturers, having backed more than \u00a36.6bn in advanced manufacturing activity over the past two years.<\/p>\n
Tim Reid, chief executive of UKEF, said: \u201cThese transactions demonstrate the strength of UK engineering capability and our role in helping British businesses secure major international contracts. Crucially, they also deliver tangible economic benefits across the UK, supporting jobs and supply chains from Yorkshire to the South West.\u201d<\/p>\n
The programme will be delivered in partnership with Indonesian firms, supporting the development of enhanced submarine rescue capability for the Indonesian Navy following the 2021 KRI Nanggala incident.<\/p>\n","protected":false},"excerpt":{"rendered":"
FET\u2019s contract, valued at approximately \u00a330m, will see the Yorkshire business design and deliver a submarine rescue system capable of operating at depths of up to 610 metres<\/p>\n","protected":false},"author":271992,"featured_media":2152974,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53262,50204],"coauthors":[137100],"class_list":["post-2152972","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-technology","tag-featured-story","tag-top-story","tag-yorkshire"],"yoast_head":"\n