One of the world’s leading subsea equipment suppliers, Subsea Innovation, has announced it has secured a number of new contracts that will see it reach its 2013 turnover target of £10m.
The Darlington-based company, which is a member of business development organisation NOF Energy, has become involved in various lucrative projects in the oil and gas sector that have contributed to its growing financial figures.
The firm, which has racked up over 25 years experience in the offshore industry under its former name, Tekmar Subsea Ltd, currently employs 44 people at its Darlington headquarters and manufacturing facility.
In 2012, it achieved a turnover of £7.4m. Much of the company’s success can be attributed to a significant increase in orders of its Launch & Recovery Systems (LARS), which are used in the deployment of Remotely Operated Vehicles (ROV’s) into subsea environments all over the world.
Recent orders have seen the LARS used in a number of international locations including Australia, Brazil, China and Norway. During 2013, Subsea Innovation will complete the manufacture of over 20 LARS, more than doubling its previous year-best and taking 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), providing power, hydraulics and communications with the vessel, enabling the ROV to operate in the water at distances up to 1,000m from the system at water depths of 3,000m.
In addition, 2013 saw the company supply J Tube seals to 15 oil & gas projects around the globe, including some in Canada, France, Norway and the USA, building on its long track record with such products.
Subsea Innovation also specialises in the design, manufacture and installation of pipeline clamps and pipeline repair systems.
These have been successfully deployed off the coasts of the Middle East, Europe and, this year, in the Gulf of Mexico.
The company’s in-house team of project and service engineers have completed over 20 offshore trips in the year, the operations being carried out including commissioning, maintenance, recovery and installation of equipment. The latest successes represent yet another milestone in the company’s rich history of delivering state-of-the-art engineering products to the offshore oil and gas and energy industries throughout the world.
Formed in 1985 by a team of experienced engineers and diving professionals, the firm sold of its Offshore Wind division in 2011, rebranding and changing its name to emphasise its dedication to innovation in its chosen field. Martin Moon was appointed managing director of the company three months later.
Since Moon’s appointment, the company has continued to expand its operations, meaning it will break through its turnover target of £10m for 2013. Moon said: “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.
“The increased global demand for our full range of offshore handling Systems, pipeline repair/recovery systems and subsea sealing solutions highlights the continually growing international reputation of the Subsea Innovation name.”