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M2 Subsea recruits finance boss

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Fledgling remote intervention specialist M2 Subsea has recruited chartered accountant Stuart Bannerman as its chief financial officer.

Mr Bannerman, whose 35-year career counts senior roles with BW Offshire, Technip and KPMG, said he looked forward to helping the Aberdeen and Houston-based company become “a world leader in remote intervention services”.

M² Subsea chief executive officer Mike Arnold said: “I am thrilled to welcome Stuart on board. His considerable finance and business expertise will play a key role in driving M² Subsea’s strategy forward, as we look to become a leading name in remote subsea intervention. His extensive track record in strategic deal making and commercial management makes him a valuable addition to the team.”

Mr Bannerman added: “It is a fantastic time to be joining a company like M² Subsea, when it’s at such crucial stage in its development. The company’s fresh approach to the market, combined with the knowledge and experience of the team, gives the firm a real competitive advantage in an increasingly challenging environment.”

The company was set up in early 2016 by Mr Arnold, Mark Corley, Mark Wood and Mike Winstanley after it secured a multimillion-pound investment from private-equity firm Alchemy Special Opportunities late last year, allowing it to acquire a fleet of remotely-operated vehicles (ROVs) from failed oilfield services and inspection repair and maintenance company Harkand Group.

Recently the company moved into its Aberdeen headquarters at Arnhall Business Park in Westhill

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