You are here

UK-Islamic GBP 14m deal to refit HVDC cable installation barge

Cable Enterprise will be “one of the most versatile” barges for installing subsea cables

The barge aims to help meet demand in grid-connecting offshore wind farms
The Cable Enterprise barge aims to help meet demand in connecting offshore wind farms to the grid

Islamic bank BLME has signed a GBP 14m deal to support the refit of a barge to install offshore subsea cables. The Bank of London and The Middle East plc (BLME), the largest Islamic bank in Europe, will support UK offshore installation firm Global Marine Systems in the purchase and refit of an offshore power cable installation barge. Once completed, the barge will be uniquely suited for the installation of a full range of subsea power cables.

Under the terms of the agreement, BLME will support Global Marine in the purchase and refit of an offshore power cable installation barge. Once completed, the barge will be uniquely suited for the installation of a full range of subsea power cables. The increased demand for this type of cable installation barge is directly tied to the growth of offshore electricity transmission being constructed to connect the off-shore wind farms now being built throughout the North Sea and surrounding waters.

The barge, to be called Cable Enterprise, will be one of the most versatile of its type in the market. It will be equipped with a 4,000 tonne carousel, six point mooring system and a single drum winch with pulling force of 180T. It will also be fitted with a plough capable of burial up to 3m making it ideal for deploying a variety of cables, including HVAC and HVDC systems.

Gabe Ruhan, Group CEO at Global Marine, said: “The growth of offshore transmission throughout Europe is creating a high demand for cable installation vessels and barges. As a leader in offshore power cable installation, adding tonnage to our fleet such as Cable Enterprise, specifically designed to meet the demanding requirements of the market, will expand our ability to deliver projects for our energy customers with attention to detail and quality.”

Jervis Rhodes, head of corporate banking at BLME, added: "Energy is a key sector for BLME’s 2012 growth strategy and working with a market leader such as Global Marine Systems marks a solid start to the year. Funding such an asset that will advance the renewable energy sector in the UK, also allows us to contribute indirectly to the UK’s attempts to diversify its sources of energy.”