Cable protection company Tekmar is to expand its North East operations and open a new base in Aberdeen as part its plan to return to the buoyant oil and gas market.
As part of the firm’s blueprint for growth, it aims to generate £15m in turnover from its oil and gas operations by 2016, while growing its overall turnover from £22m to £50m.
Between 30 and 50 new jobs will also be created to deliver this growth.
Founded in 1985, the Newton Aycliffe company initially specialised in oil and gas before moving into the expanding offshore renewables industry, when it developed bespoke cable protection systems for cables connecting wind turbines.
Chief executive James Richie said: “Within the rapidly expanding subsea oil and gas sector there is rising demand for high-quality, reliable protection systems for subsea umbilicals, risers and flowlines.
“We are gearing up to respond to this need with a flexible, high-quality service and reduced delivery times.
“Oil and gas is an area we already know and understand and we feel the time is right for us to return to this sector.
Over the past five years, Tekmar has installed more than 1,200 cable protection systems and has a further 1,000 in design or manufacture for the 26 windfarms it has been involved in across Europe.
Tekmar’s success was recently recognised when it was named the Company of the Year and won the Manufacturing Award at the 2012 Durham and Wearside Business Awards.
In 2010, Tekmar won the Innovation Award at the North East Business Awards.