Ocean Bank’s Factoring Division financed a $10 million factoring facility to fund the expansion plans of a leading provider of offshore deep-water oil rig repairs. 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 their needs at a competitive price. That value add is what set us apart.” said Daniel Krasna, Vice President of Business Development.

“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” said Rogelio Villarreal, Executive Vice President, and Head of Commercial Lending at Ocean Bank. “Our newest client’s history and the strength of their customer base allowed us to finance them accordingly and we look forward to building and maintaining a strong long-term relationship.”