EFIC provided a working capital guarantee to Britton Marine's bank to help fulfil its contract
Britton Marine (Australia) Pty Ltd, a Sydney-based exporter specialising in the supply of tactical response vessels to military and law enforcement agencies, needed additional funding to help it fulfil a US Army contract to supply and install new boat engines for Iraq’s Coastal Border Guard in Basra.
Export Finance and Insurance Corporation (EFIC), Australia’s export credit agency, provided a guarantee to Britton Marine’s bank, Westpac, to help the company fulfil its contract.
A guarantee from EFIC enables eligible SME exporters to access additional working capital from their bank to help their export business grow.
“Up until now our export markets have been closer to home, in New Zealand, Singapore, Indonesia and Solomon Islands,” said Britton Marine’s managing director, Steve Britton. “This is our first major contract with the US military, and our first in the Middle East.”
Britton Marine is supplying and installing eight diesel engines and stern-drive systems on four logistics support boats. The installations will occur on site in Basra, in southern Iraq.
Established in 1987, Britton Marine has a strong record of designing, supplying and maintaining high-quality vessels to military and law enforcement customers throughout Australia and within the Asia-Pacific region.
The company’s clients include the navies of Australia, New Zealand, Singapore and Indonesia, state and federal police and customs agencies in Australia, and the Royal Solomon Islands Police.
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