Member Article

Darlington subsea firm to hit £10m turnover target

A Darlington company says it expects to hit its target of reaching a £10m turnover.

Subsea Innovation, one of the world’s leading subsea equipment suppliers, has secured a number of lucrative projects in the oil and gas sector that have contributed to its growing figures.

Subsea Innovation, which is a member of business development organisation NOF Energy, has racked up over 25 years experience in the offshore industry under its former name, Tekmar Subsea Ltd.

The firm currently employs 44 people at its Darlington headquarters and manufacturing facility, this announcement follows on from the company achieving a turnover of £7.4m in 2012.

Much of the success can be attributed to a significant increase in orders of its Launch and Recovery Systems (LARS).

These systems are used in the deployment of Remotely Operated Vehicles (ROV’s) into subsea environments all over the world.

Recent orders have seen the LARS been used in locations including Australia, Brazil, China and Norway.

Managing director Martin Moon said: “Upon taking on my position last June, it was my intention for the company to double in size within the next three years.

“Reaching our goal of £10m for 2013 shows that we have had an immediate impact, and is a great sign that we are on the right track.”

During 2013 Subsea Innovation will complete manufacture of over 20 LARS, which more than doubles its best previous year and will take the company past a total of 100 fabricated systems.

To accompany the LARS, Subsea Innovation has also designed and manufactured numerous Tether Management Systems (TMS). The TMS is deployed together with the ROV and provides power, hydraulics and communications with the vessel enabling the ROV to operate in the water at distances up to 1,000m from the TMS and water depths of 3,000m.

In addition to these, during 2013, the company has also supplied J Tube seals to 15 oil and gas projects around the globe, including Canada, France, Norway and the USA, adding to its long track record with these products.

Joanne Leng MBE, deputy chief executive of NOF Energy, said: “The targets set by Subsea Innovation over the last year have been testament to the ambition and direction of the company.

“To reach the target of £10m turnover for 2013 is testament to the planning and application by the company, and should act as a precursor to greater growth at Subsea Innovation.”

This was posted in Bdaily's Members' News section by Martin Walker .