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Marine safety equipment manufacturer Cosalt has secured a refinancing deal worth £34 million to grow its business. The deal, which is backed by the Royal Bank of Scotland (RBS) and HSBC, will also fund its recent acquisition of Norwegian offshore safety specialist Myhre-Maritime.

Mark Lewis, relationship director at RBS, says that the package means Cosalt can implement its growth plans ‘from a sound and secure platform’.

Cosalt CEO Mark Lejman comments, ‘The acquisition of Myhre-Maritime is part of our strategy to provide a leading pan-North Sea network of marine safety centres focused on the offshore oil and gas market.’

The deal will strengthen Cosalt’s position in the North Sea market and benefit its existing operations in the UK, the Netherlands, Belgium, Germany and Italy, according to the company.

Established in 1873, Cosalt is chaired by Carphone Warehouse co-founder David Ross and provides services and equipment for onshore and offshore oil and gas structures, as well as cargo and passenger ships.

Myhre-Maritime manufactures lifting, towing and mooring equipment, as well as performing annual equipment inspections.

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