A manufacturer of offshore equipment in the region has seen its turnover rise to £10m and has plans to double its workforce due to rising demand across the oil, gas and renewable energy industries.
Subsea Innovation, which was set up in 1985, designs and manufactures offshore equipment handling systems, such as tether management systems and launch and recovery equipment - used in the deployment of Remotely Operated Vehicles across the world.
The Darlington-based firm, which currently employs around 35 staff has plans to grow its workforce to more than 70 over the coming year.
The firm has now started work on its new headquarters after outgrowing its existing base on the Faverdale North site. It hopes the expansion on the same estate will cover 40,0000sq ft and help secure bigger contracts as well as creating up to 35 more new jobs. Completion is expected in August.
Subsea Innovation’s annual turnover exceeded £10m for the first time in its history last year, up from £7.5m in 2012.
Martin Moon, Managing Director at Subsea Innovation, said: “The new building will allow us to build bigger machines and carry out increased testing, so we don’t have to use external facilities. The fact the new facility will have extra height means we can install larger cranage and it will also allow us to develop the research and development side further too. I always envisaged the company would double in size, and by increasing it means we can look at larger work. It is all about getting your customers and keeping them for life.”