EFIC supports Environmental Systems & Services with a major air force project in the Republic of Korea
Export Finance and Insurance Corporation (EFIC) has again supported long-term client Environmental Systems & Services Pty. Ltd. (ES&S) with a major contract awarded by the Defence Acquisition Program Administration (DAPA), Republic of Korea.
The contract was won at international tender against strong competition from North America and Europe.
EFIC’s support comes via an advance payment bond and performance bond in support of ES&S’s US$799k contract.
ES&S turned to EFIC when they were awarded the contract for the design, manufacture, supply and installation of a meteorological satellite ground station for DAPA. The station will be equipped with advanced data processing and display systems in order to receive and process data from a new generation of polar orbiting satellites.
Established over 20 years ago, the Melbourne based company has grown to be a leading supplier of Australian designed and manufactured satellite earth stations for meteorological and environmental remote sensing.
“We approached EFIC when it became clear that we needed additional financial assistance for our latest project in 2008. EFIC’s assistance in the early stages of the tender process was absolutely crucial to developing a competitive proposal,” said ES&S Chief Executive Officer, Bob Wright.
“EFIC has previously supported us with an EFIC Headway working capital guarantee, which enabled us to obtain additional working capital finance from our bank. This was the vital link when we won a highly competitive tender for the supply of a weather satellite ground station to the Hong Kong Government,” said Mr Wright.
“We are pleased to be able to continue assisting ES&S in growing their business overseas and be able to compete internationally. At EFIC we are continually developing flexible and innovative financial solutions to support Australian small-to-medium-sized exporters in achieving international success,” said EFIC’s Managing Director Angus Armour.
EFIC’s bonding facilities can assist eligible Australian exporters to compete more effectively and confidently in global markets. EFIC offers a range of financial and insurance services, which also include guarantees, direct loans, export payments insurance and political risk insurance.