A joint venture led by Serco Group plc was selected by the Ministry of Defence, for the £1 billion ‘Future Provision of Marine Services’ programme, to be rolled out over 15 years.

Serco Denholm Limited, the SPV, will deliver marine support services to a number of major UK Naval bases, including Portsmouth, Devonport and The Clyde.  Serco Denholm will manage, operate and maintain approximately 110 vessels used in in-port and deepwater operations. Approximately 60 new vessels will be introduced into service during the lifetime of the contract.

The FPMS project involves £126million in senior debt in financing.  Operis was engaged to provide financial model due diligence services on behalf of Serco and Lloyds TSB.

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