David Telfer, 11th June 2010
Subocean, a fast-growing north-east subsea construction specialist in marine renewables, has established new premises at Great Yarmouth as it positions itself for future growth.
The Westhill-based company is to set up a workshop and equipment store at Great Yarmouth’s EastPort, where it will create five jobs and use both the outer harbour and river facilities as part of its new operations base.
The £500,000 investment involves a complete relocation of its Middlesbrough operations, with staff there having been redeployed to other projects.
Subocean managing director John Sinclair said: “Great Yarmouth is a key region for Subocean in terms of supporting our operations including our work on all our marine renewables projects in the south-east.
“Our base at EastPort enables us to establish a spare cable and parts depot to deliver more cost-effective solutions for both Subocean and our clients. The port and its new deepwater outer harbour is also a good, strategic location for our vessels such as our main deepwater array cable-installation vessel, the Polar Prince DP2.”
Subocean, the main sponsor of this month’s Renewable UK Offshore Wind Conference, in Liverpool, is working on high-profile wind farm projects including Thanet and Greater Gabbard and also worked on the Lynn and Inner Dowsing, Robin Rigg and Rhyl Flats projects in the past two years.
The new port base comes after Subocean announced in April a new wave and tidal division to reinforce its position in marine renewables.
Earlier this year, Subocean also announced expansion in Europe with the opening of an office in Bremenhaven, Germany.
Last December, Subocean gained a £17million investment from LDC, the private-equity arm of the Lloyds Banking Group as part of a £42million fundraising which included £25million from HSBC Bank.
It was the first investment in Scotland by LDC since it opened offices in Aberdeen and Edinburgh in 2008.
The subsea construction company said it would use the investment to double the business in two years and achieve £300million turnover by 2014.
Subocean, formed only in 2005, already employs 100 onshore and a further 300 offshore. It has grown rapidly and this year is targeting annual turnover of £100million, with about 75% derived from the renewable-energy sector.
The company anticipates a 50% growth in employment within two years.