The parent company of Darlington’s Modus Seabed Intervention is part of a duo launching a new subsea venture on Teesside.
Tompkins UK, the parent of Modus, is partnering with Dutch firm Royal IHC to invest €17m in a new company, TI Geosciences.
The newly created firm will deliver services in the deep and ultra-deep water, oil and gas geotechnical survey and site investigation markets.
TI Geosciences will initially provide cone penetration test (CPT) and gravity coring services, which are used to determine the geotechnical engineering properties of soils.
The services will use Tompkins’ technology, deployed from a Swire Pacific Offshore G-class platform supply vessel.
Remote seabed drilling services are also expected to start in the fourth quarter of 2015, with the first in a range of IHC’s sonic wireline-operated remote drill systems (SWORD), which will also be deployed from a Swire G-class vessel.
The SWORD systems will remain within IHC’s research and development programme.
TI Geosciences will be headquartered in Darlington with bases in Singapore and Saldahna Bay in South Africa.
The two firms said the new venture will be supported by IHC’s international network of office production and engineering facilities.
Accounts filed at Companies House in January show Modus Seabed Intervention suffered a £1.5m operating loss in its last financial year due to a curtailed contract and delays in a key build project.
Modus, which supplies predominantly to the North Sea offshore industries, reported a slide from operating profit of £1.2m to a loss of £1.53m, in the year to the end of March 2014.