UK Export Finance (UKEF) has unlocked £128 million in finance to enable the export of British-made submarine rescue vehicles to the Indonesian Navy.
As a result of the deals, over £67 million in supply contracts have been awarded to UK suppliers led by Bristol-based Submarine Manufacturing and Products (SMP) and York-headquartered Forum Energy Technologies (FET).
SMP will contribute over £39 million to the UK supply chain by contracting multiple UK-based companies to supply goods and services, including training and ship design.
Under a separate contract, FET will supply a submarine rescue system to the Indonesian Navy, valued at approximately £30 million. The company has delivered over 900 manned and unmanned systems, including four submarine rescue vehicles.
“SMP Ltd is proud to support the Indonesian Navy with our 50-person submarine rescue vehicle (SRV-F), that can be deployed by air and by sea. Supported by a new build mothership, SRV-F is able to provide rescue coverage across Indonesia’s extensive archipelago. UKEF’s backing and the support of its financial partners has been critical to contracting this vital capability,” Ben Sharples, Managing Director at SMP, said.
“FET is proud to be working with the Indonesian Navy on the supply of a 610m rated submarine rescue system. This award reflects the Navy’s commitment to enhancing submarine safety and rescue preparedness, and we are honoured to contribute our proven expertise, technology and operational experience to this critical capability. We also extend our thanks to our partners in Indonesia, ANK, and to UK Export Finance for their invaluable support in enabling this project,” Chris Buckle , Commercial Manager at FET added.
“These two landmark deals demonstrate exactly what UK Export Finance exists to do – back British exporters to win major contracts on the world stage, while delivering real economic benefits at home. Together, these deals will generate over £67 million for the UK economy and support jobs across our supply chain, from Bristol to York,” Tim Reid , CEO at UKEF, stated.
Specifically, UKEF has provided two loan guarantees. The first, worth £76 million, supports the export of an SRVS supplied by SMP alongside its Indonesian partner PT BTI Indo Tekno (BTI), with financing provided by JP Morgan Chase, Singapore Branch.
The second, worth £52 million, supports the export of an SRVS supplied by FET, working with Indonesian partner PT Agrapana Nugraha Katara (ANK), with financing arranged through Banco Santander.
With the backing of UKEF, these transactions mark an important milestone in enhancing Indonesia’s submarine safety procedures.
“This collaboration underscores our steadfast commitment to advancing Indonesia’s maritime defence capabilities. Through the development of the SRVS, we are not only modernizing the Indonesian Navy (TNI AL) fleet but also establishing the highest safety standards for our submarine personnel. This project is a testament to our dedication to the nation’s strategic interests,” Peter Tjahjono , Director at PT BTI Indo Tekno, commented.
UK Export Finance has already backed over £6.6 billion in advanced manufacturing investment over the past two years and will announce plans this summer to go further still, expanding UKEF’s capacity to help British companies seize opportunities in international markets.
By 2029, UKEF aims to back £10 billion of finance in low and middle-income countries, supporting sustainable infrastructure, clean growth and economic development.