Ocean Bank Provides $10MM Factoring Facility to Offshore Deep-Water Oil Rig Repairs Provider

Ocean Bank’s factoring division financed a $10 million factoring facility to a provider of offshore deep-water oil rig repairs for its expansion plans. The client is well established in the market and has provided services to some of the world’s largest oil producers for more than 30 years.  

“Our client came to Ocean Bank looking for solutions. Ocean Bank was able to provide a facility that was structured according to its needs at a competitive price,” Daniel Krasna, vice president of business development of Ocean Bank, said. “That value add is what set us apart.” 

“Ocean Bank’s Factoring Group excels at working with companies that are expanding and need extra flexibility that other lenders are not willing to cater to. Here we have the expertise” Rogelio Villarreal, executive vice president and head of commercial lending at Ocean Bank, said. “Our newest client’s history and the strength of its customer base allowed us to finance them accordingly and we look forward to building and maintaining a strong long-term relationship.”