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Lloyds Banking Group to fuel RSS growth in Middle East

Credit facility of $15M to be used towards geographic and product expansion plans.

| | Sep 15, 2010 | 4:49 pm
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Credit facility of $15M to be used towards geographic and product expansion plans

Lloyds Banking Group announced that its corporate markets team in Aberdeen has provided $15 million in extra credit facilities to Rental Services & Solutions (RSS), to support the power and cooling service provider’s growth plans. RSS, a provider of rental power, temporary cooling and mobile water solutions, is a global oil and gas services group based in Aberdeen.

According to the announcement, the funding package will be used to facilitate both geographic and product expansion plans in response to growing demands for the company’s services in a global market worth £4 billion annually.

In this context, Milan Balac, Managing Director of RSS, said: “RSS has been extremely well supported by Lloyds Banking Group since our incorporation in 2007. We are very happy to have the bank as a business partner and to be able to announce this additional facility, especially during such horrid global economic conditions.”

Graham Fiddes, Relationship Director with Lloyds Banking Group Corporate Markets in Aberdeen and North of Scotland, added: “Lloyds Banking Group is continually looking for ways to support the business community, and this announcement is yet further evidence of the bank’s open approach to lending. We are talking to more and more companies about their growth and recovery plans, and enter the second half of the year with very high expectations in terms of the number and size of transactions and facilities we will deliver.”

RSS reportedly has recently diversified into the wider Middle East region in order to reduce its dependency on Dubai and Abu Dhabi, where some of their clients include, the Jumeirah Palm Islands, the Dubai Metro station, Aldar Abu Dhabi, Masdar University and Burj Khalifa.

With the assistance of Lloyds Banking Group, claimed the announcement, RSS has expanded its asset base, geographical coverage and range of services to better equip it for current and future market conditions, thus allowing RSS to aim for a bigger share of a growing market throughout the Middle East. RSS is now reportedly providing rental power and temporary cooling in Qatar, Saudi Arabia, Oman, Bahrain, Kuwait, Cyprus and Pakistan. Future expansion will include, Latin America, China, India, Africa and the Mediterranean, the announcement added.

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