Inquiries and firm orders for the RS range of subsea technology developed by Aberdeen firm Rotech Subsea are coming in thick and fast, director Stephen Cochrane said.
Speaking during his latest international business trip, this time to Italy, he said a raft of new contracts won since the start of this year alone would help catapult the business to £10 million-plus annual turnover within a couple of years.
Mr Cochrane was part of a management buyout (MBO) of Rotech Group in 2016.
Turnover in the group’s subsea business, which now accounts for about 60% of overall group revenue, has rocketed from about £600,000 in the first year since the MBO and a return to the subsea market by the Rotech group.
The figure hit £2.2m in the second year and £4.4m in the third on its way to a current annual figure of around £6m.
Rotech Subsea’s latest contract wins, from Boskalis Subsea Cables & Flexibles, will see it supply tools for cable burial work for a southern North Sea offshore wind farm.
The firm is working on 10 projects globally, adding to a track record of more than 500 completed worldwide previously.
Mr Cochrane said: “We’ve seen a lot of growth in the business during the past two or three years, mainly due to demand from the renewables sector, but we are now positioned to pick up more oil and gas-related work.
“We are also starting to spread our wings more, following growth in inquiries from the Middle East and Asia – also from America, India and China.”
“While looking after our existing clients, we are constantly trying to secure new ones and in new regions.
“The next step will be for us to open an office in America and strengthen our position in Asia and the Middle East”.
Group results lodged at Companies House by Rotech International show turnover hit £8.7m during the 12 months to June 30 2018, from about £6.3m a year earlier.
Pre-tax profits of £960,141 were reported for the latest period, against losses of just over £1m previously.