Aberdeen's Fletcher Shipping Expands PSV Fleet Following £16.75 in Funding

Aberdeen-based Fletcher Shipping Ltd has taken delivery of a new PSV to add to its existing fleet of four.

Aberdeen-based Fletcher Shipping Ltd, a leading provider of Platform Supply Vessels (PSVs) to the offshore oil industry, has taken delivery of a new PSV to add to its existing fleet of four.

The FS Cygnus was named by Karen Fletcher at Flekkefjord on Saturday. This is the first new build for the Fletcher fleet and the first of two sister ships being built by Norwegian shipyard Simek. The FS Scorpius is scheduled to deliver in April 2015. The company’s investment programme has been supported by £16.75 million in funding from Santander Corporate & Commercial.

Established in 2007 by current Managing Director, Keith Fletcher, Fletcher Shipping differentiates itself via its ‘self-management’ business model, which gives the vessel crew authority and accountability to manage both their vessel and its budget. This approach has enabled Fletcher Shipping to respond more effectively to the needs of its customers, and has helped the company significantly grow the number of clients it serves as well as company earnings. Revenues for the 2014 financial year are forecast to increase 64% from 2013.

Keith Fletcher, Managing Director, Fletcher Shipping, said: “I’m delighted with the ongoing success of the company and I’m wholly confident about our future. We are in excellent shape, and the delivery of this new vessel is an indication of our optimism. We provide fundamental support to our clients and have become an integral part of the supply and support chain for the local energy industry. The funding from Santander has been key to this next stage of our growth.”

Jamie Ritchie, Senior Relationship Director, Santander Corporate & Commercial, said: “We are delighted to be supporting Fletcher Shipping at this exciting time in the company’s growth. It has developed a strong client base and, led by Keith, has one of the most experienced management teams in the industry. Expanding its fleet will allow Fletcher Shipping to cater for increased demand and better meet the needs of its clients.”

The information contained in this press release is intended solely for journalists and should not be used by consumers to make financial decisions.

Notes to editors
For Fletcher Shipping media enquiries please contact Keith Fletcher on 01224 785 785

For Santander Corporate & Commercial media enquiries, please contact:

Siobhan O’Shea 020 7756 4189 Mobile: 07789 651 947
Andy Smith 020 7756 4212 Mobile: 07824 473 338

The Santander Corporate & Commercial press office operates from 8.00am to 6.00pm. Outside of these hours please call 0800 5877708.