A County Durham subsea equipment supplier is months away from expanding into a new base after securing a number of multi-million pound contracts from key players in the oil and gas industry.
Darlington-based Subsea Innovation said its order book has grown in tandem with a significant spend it has made on new headquarters in the town, a necessity after its expanding operations outgrew the capacity of its existing facility.
The new site, which will be operational in September, is a 40,000 sq ft purpose built production facility close to its current 20,000 sq ft HQ located on the Faverdale Business Park.
The next 18 months will see the 45-strong firm design and manufacture specialist products for a number of key projects, including products for numerous offshore projects.
Among the products will be 16 suction pile plugs, which are 48” in diameter and weigh 3.5 tonnes, for an offshore project in Australia, and pipeline repair clamps and 15 Launch and Recovery Systems as part of long term contracts with major offshore contractors.
Subsea Innovation’s annual turnover exceeded £10m for the first time in its history in 2013, up from £7.5m in 2012, and the firm expects to consolidate on this in 2014 and exceed its £10m turnover target.
Martin Moon, managing director, said: “Winning these contracts demonstrates the significant progress Subsea Innovation has 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 & gas industry.
“Our recent ISO/TS 29001 certification highlights our ongoing commitment to quality. It is a great endorsement for our products and systems, which meet the extremely high standards of the industry.”