Subsea innovation has completed work on its new 40,000 sq ft headquarters, thanks to support from the Let’s Grow Fund.
A string of major project wins led the Darlington subsea equipment specialists to expand on a site near to its existing Faverdale Business Park base.
The development, which is double the size of its previous headquarters, was supported by a £400,000 grant from the Let’s Grow Fund secured through the Let’s Grow programme, which is run by The Journal, BE Group and UNW LLP.
The move has enabled Subsea Innovation to test Launch and Recovery Systems (LARS) to lift up to 100 tonnes and it has installed cranes capable of handling up to 50 tonnes of equipment. It will allow the company to compete for larger contracts and has already sealed a 7 figure order from Middle-Eastern energy supplier RasGas to supply pipeline clamps and connectors.
Work on the 40,000 sq ft facility was carried out by local contractors J and RM Richardson and was designed by Darlington’s Architects Design Group.
Subsea Innovation’s annual turnover exceeded £10m for the first time in its history in 2013, up from £7.5m in 2012.
Martin Moon, managing director at Subsea Innovation, said “Our new headquarters demonstrates the progression we have made over the past two years. It was always our aim to double in size to compete for larger contracts and is extremely satisfying now that this has been realised.
“The facility can test heavier equipment and with more capable cranes and the additional workspace that it brings it will enables us to develop our research and development side further, which will prove to be a key factor in securing future work.
“We are currently in the process of transferring projects to the new headquarters and expect to be fully operational by November.
“The fact that we have had to expand our operation is a great testimony to the work that we are doing here and with large organisations such as RasGas choosing Subsea Innovation we are not short of endorsements.”