EFIC helps ES&S supply meteorological equipment to stations in Antarctic
Export Finance and Insurance Corporation (EFIC), Australia’s export credit agency, is supporting long-time client Environmental Services and Systems Pty Ltd (ES&S) with its contract to supply a weather satellite receiving system to the Polar Research Institute of China.
Under the US$726,000 contract, ES&S will supply, install and commission satellite tracking ground stations at China’s Zhongshan and Changcheng (Great Wall) research stations in Antarctica.
The Melbourne-based company will also install related data processing systems in Beijing and Shanghai, and provide training in both Antarctica and China under the contract.
EFIC’s support comes in the form of an advance payment bond and a performance and warranty bond issued to the Chinese buyer on behalf of ES&S.
‘Once again, EFIC’s support was crucial in helping us to deliver this latest contract,’ said Bob Wright, CEO of ES&S. ‘Together the bonds represent about 50 per cent of the contract value. EFIC’s financial assistance helped to free up our working capital so we could meet the customer’s requirements.’
Earlier this year, EFIC assisted ES&S with the provision of bonds in relation to a contract to provide a satellite ground station to the Defence Acquisition Program Administration in the Republic of Korea. In 2006–07 an EFIC guarantee enabled ES&S to access additional working capital for the supply of a ground station to the Hong Kong Government.
‘We’re delighted to continue our relationship with ES&S as it wins new customers in Asia,’ said Angus Armour, EFIC’s managing director. ‘Our bonds have helped ES&S and other Australian exporters to finance their contracts and compete successfully in international markets.’
The ground stations, to be installed by ES&S at Zhongshan and Changcheng Stations, over the 2009–10 summer, are intended to contribute to China’s atmospheric, oceanographic and sea-ice research programs in Antarctica.
ES&S’s first project in Antarctica involved the installation of a weather satellite system for the Australian Bureau of Meteorology in 1990. The company has installed around 80 satellite ground reception systems around the world.