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Subsea company secures major contracts
6:00am Thursday 12th June 2014 in Business News
A SUBSEA engineering firm has secured major international contracts ahead of its move to a new factory.
Subsea Innovation Limited, in Darlington, is working on deals across the offshore oil and gas sector.
The company will make 15 launch and recovery systems, which deploy subsea remote-operated vehicles, for contractors, and will supply 3.5 tonne suction pile plugs for an Australian project.
Bosses also say its workforce will manufacture seals and offshore pipeline repair clamps.
The Northern Echo previously revealed how the firm is moving into a new 40,000sq ft site in Darlington’s Faverdale area, to allow it to secure larger contracts and deliver more jobs.
The plant is expected to be fully operation in November, with Subsea’s existing base to be used for equipment storage and some product manufacturing.
Martin Moon, Subsea Innovation’s managing director, said: “Winning these contracts demonstrates the significant progress we have made over the last two years.
“With significant investment in new premises that will treble our capacity, we aim to continue to compete for more contracts of a similar, if not larger scale.
“We are very proud to be part of the supply chain that serves the key players in the oil and gas industry.”
The company’s annual turnover exceeded £10m for the first time in its history in 2013, and bosses expect to exceed its £10m target again.
Mr Moon said its new plant, which is twice the size of its current home, will remove worries over height restrictions, opening up access for bigger jobs.
He added: “I always envisaged the company would double in size and, by increasing, it means we can look at larger work.
“We can put larger cranes in because of the extra height.
“Last year, I believe we would have got a big A-frame order from a client if we had a bigger facility, so this move is a very positive one.
“It is all about getting your customers and keeping them for life.”
See northernecho.co.uk/business for an in-depth feature on the company.
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