The UK's largest independent ship repairer expands European operations thanks to the government's Export Working Capital Scheme.
Southampton Marine Services Ltd (SMS Group), the UK's largest independent ship repairer, has secured a major £3 million contract with German cruise company AIDA to refit the first of three ships in Marseille, thanks in part to a trade loan backed under the Export Working Capital Scheme (EWCS) by UK Export Finance (UKEF) - the government's export credit agency.
The government-backed financing, issued by Santander UK, has enabled the Southampton-based company to deliver its largest European contract to date and positions the company to take on further orders from new clients in the rapidly growing cruise sector.
Each major outfitting project enables SMS Group to hire additional UK staff and several subcontractors, directly supporting job creation and skills development in the UK's marine engineering sector.
Founded in 2016, SMS Group brings together the expertise of shipping professionals from some of the UK's most respected marine engineering companies, including Burgess Marine, Testbank and Small & Co. Today, it is a premier provider of ship repair and marine engineering services in both ship-side and shore-side environments.
Over the past five years, SMS Group has built a strong reputation for outfitting interiors for major US and European cruise lines. The AIDA contract marks a significant step into the European market and demonstrates the company's growing international capabilities.
The EWCS is designed to help UK businesses access the working capital they need through their banks to fulfil overseas orders. For SMS Group, this support has provided the financial confidence to take on larger, more complex international projects.
Richard Armstrong, Export Finance Manager for Hampshire and Isle of Wight, said:
This facility is a great example of how UKEF can support UK businesses in the marine services sector to expand globally and create jobs here in the UK. We are pleased to back SMS Group as they continue to grow and achieve their export ambitions.
Nicholas Warren, Commercial Director at Southampton Marine Services, said:
The backing from UKEF and Santander UK has been transformational for our business. It's given us the confidence to take on larger orders and increased volumes of international work. This support allows us to compete globally while maintaining the highest of standards that define the SMS Group of today.
Tee Cato, Senior Director, Trade and Supply Chain Finance at Santander UK, said:
We are pleased to have supported SMS Group as it agrees its largest European contract to date. This deal demonstrates the importance of SMS Group and the wider marine industry to economic growth in the UK. We look forward to continuing to work with both SMS Group and UKEF.
The Export Working Capital Scheme is part of UKEF's comprehensive suite of products designed to help UK businesses of all sizes access international markets and grow their export revenues.
This latest announcement follows the publication of UKEF's annual report & accounts for 2024/25 .
Over the last financial year, UKEF provided a record £14.5 billion in new financing, helping over 667 UK companies to export and grow, supporting up to 70,000 jobs across the country.
