UK Export Finance (UKEF) has secured £128 million of support for two major export contracts supplying advanced submarine rescue vehicle systems (SRVS) to the Indonesian Navy. The twin deals will generate more than £67 million of value for the UK economy, with work led by Bristol-based
Submarine Manufacturing and Products (SMP) and York-headquartered
Forum Energy Technologies (FET). Both companies will deliver ‘state of the art’ rescue systems designed to enhance submarine safety across Indonesia’s vast archipelago, while supporting skilled jobs and supply chains across the UK.
The agreements represent UKEF’s first financing of submarine rescue vehicles of this kind. They are underpinned by two loan guarantees: a £76 million facility supporting SMP’s export contract, financed by JP Morgan Chase (Singapore Branch), and a £52 million guarantee backing FET’s contract, arranged through Banco Santander.
As part of the SMP-led deal, more than £39 million will flow into the UK supply chain through contracts with multiple British companies, covering areas such as ship design, equipment supply and specialist training. SMP, a leading commercial diving and subsea engineering specialist, expects the project to drive further recruitment.
Ben Sharples, managing director at SMP said: “We are proud to support the Indonesian Navy with our 50-person submarine rescue vehicle (SRV‑F), that can be deployed by air and by sea. UKEF’s backing and the support of its financial partners has been critical to contracting this vital capability.”
Tangible impact on employmentUnder the second contract, FET will supply a deep-rated submarine rescue system valued at around £30 million. The programme has already had a tangible impact on employment at FET’s York shipyard, where the workforce has increased by around 50% over the past year, largely due to this project. With more than 45 years’ experience, FET has delivered over 900 subsea systems globally, including four submarine rescue vehicles.
Chris Buckle, commercial manager at FET, said: “We are honoured to contribute our proven expertise, technology and operational experience to this critical capability.” UKEF chief executive Tim Reid described the contracts as a clear demonstration of the agency’s role in helping UK manufacturers compete internationally.
“Together, these deals will generate over £67 million for the UK economy and support jobs across our supply chain, from Bristol to York. We are proud to be helping Indonesia develop a vital submarine rescue capability by showcasing the very best of British expertise in subsea engineering.”
The projects are being delivered in partnership with Indonesian firms PT BTI Indo Tekno and PT Agrapana Nugraha Katara, and form part of Indonesia’s efforts to strengthen naval safety following the 2021 KRI Nanggala submarine tragedy. The announcement also underlines UKEF’s wider industrial impact. The agency has backed more than £6.6 billion of advanced manufacturing investment over the past two years and plans to expand its capacity further, supporting UK exporters as they target growth in developing and emerging markets.