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Bibby Financial Services Funds Oil & Gas Service Provider With $3MM ABL

January 26, 2016, 07:12 AM
Filed Under: Energy Services

Bibby Financial Services announces a major lending deal for early 2016 – a $3 million asset-based loan provided to a Florida-based provider of skilled labor for the oil and gas and marine industries.

The value-added service provider has supported offshore oil and gas and marine industries operating in the Gulf of Mexico for 15 years. The company maintains strong market share in several key primary service lines, including rig repairs and upgrade, dockside vessel repairs, upgrades and refits, mobilization and de-mobilization services, completion/commissioning projects, subsea fabrication and marine projects.

Bibby Financial Services was referred to the company after its previous lender reduced its commitment to serving the oil and gas sector. Funding from Bibby Financial Services allowed the company to mobilize staff for pending projects and promptly pay key suppliers.

“Our strong referral network confirms our reputation as a trusted and reliable provider of asset-based lending,” states Leigh Lones, Bibby Financial Services CEO, Americas. “This allows us to continue to bridge the gap between traditional and alternative lenders, offering companies a viable and flexible funding solution.”

Bibby Financial Services, a worldwide market leader in business financing solutions, supports businesses of all sizes in virtually every industry with flexible, customized funding solutions. With its asset-based lending and factoring products, the company provides clients access to the working capital needed to grow and support their businesses. Bibby Financial Services is proud to have helped more than 8,900 clients grow their businesses by providing more than $1 billion in funding across the globe. It operates offices in seven North American cities and 16 countries. Bibby Financial Services is a subsidiary of The Bibby Line Group, a privately held company established in the United Kingdom in 1807.

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