LV Shipping expands into Aberdeen with funding from RBS
UK-based LV Shipping, a leading logistics provider with ten locations in the UK servicing a large number of clients in the global oil and gas sector, is expanding its capacity in the key city of Aberdeen with a £900k funding facility from Royal Bank of Scotland Corporate & Institutional Banking (RBS CIB).
- (1888PressRelease) June 21, 2012 - The deal will allow LV Shipping to acquire a substantial £1.1m commercial property in the city, positioning the firm at the centre of the UK’s oil and gas industry and further supporting its global growth aspirations.
LV Shipping, wholly owned by Dutch parent company LV Vlaardingen BV, has continued to grow strongly – turnover for FY2011 was up over 60% to £78m from £46m in FY2010 – and the UK division has been looking to capitalise on its business momentum as evidenced by the expansion in Aberdeen. The firm employs around 215 people in the UK and expects this number to rise with the new development in Scotland.
LV Shipping’s business encompasses all aspects of end-to-end logistics: from road transport and shipping to storage and warehousing, airfreight chartering, and freight management projects. The company has just completed several major contracts, including a £1.5m contract supplying structural steel to Abu Dhabi oilfields. and the chartering of a heavy lift vessel to move substantial oilfield equipment, including 260-tonne pieces from South Korea to the Teesside Gas Processing Plant in Seal Sands, Middlesbrough.
The £900k funding deal from LV Shipping complements a number of other oil and gas sector deals the Royal Bank of Scotland has been involved in over the past year, and underscores its outstanding knowledge of this significant UK industry. RBS CIB’s Newcastle-based team has also become LV Shipping’s day-to-day business bank, winning the account from the firm’s incumbent bank in April this year.
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