Advisory and investment firm Gordon Brothers said this week it had provided a £5 million (currently around $6,2 million) term loan to Modus Subsea Services (Modus).
Modus, specializing in using Underwater Intervention Drones to automate and decarbonize subsea inspection, maintenance, and repair services, has used the loan for refinancing with existing lenders and to assist in developing "best-in-class solutions for clients globally."
“We’re delighted to support Modus with a financing package that has provided the headroom to continue building out their market-leading development solutions,” said Nick Kitchin, Managing Director, Capital at Gordon Brothers. “Our firm has extensive knowledge of highly specialized equipment and the ability to provide value against it to offer clients a tailored liquidity solution.”
“Gordon Brothers was quick, friendly and pragmatic and partnered with our team to deliver a tailored financing solution that has been very welcome,” said Charles Tompkins, Chairman and majority shareholder of Modus.