Crane and lifting technology firm Intebloc has announced plans to expand its headcount fourfold after securing significant investment.
Stena Drilling has acquired a 30% stake in the Aberdeen-headquartered digital lifting technology provider, allowing it to diversify into construction, renewables and the marine sector.
An exact value for the investment wasn’t given but both parties confirmed it was a “large” six-figure sum.
Ross McLeod, Intebloc’s chief executive and founder, will remain the company’s majority shareholder.
Mr McLeod said the investment, which he described as “fundamental”, would allow Intebloc to “penetrate different markets”.
He also said the firm has an “aggressive growth strategy”, with plans to expand its headcount, which currently sits at five, four times over in the next year.
Mr McLeod said: “This deal means a lot for Intebloc. We’re at relatively early stage as a business but we’ve had a lot of success through Covid-19.
“By getting this investment and getting the capital it helps us to grow, both in recruitment and into different markets – it’s very important.”
He added: “We now have a whole range of different resources that we can tap into to help make our processes and procedures more sophisticated.
“Stena is a big beast with lots of different divisions and we look forward to working with them over the next couple of years.”
Mr McLeod also hailed the two firms relationship as a key driver in Intebloc’s development since its foundation in 2017.
The technology provides real-time inventory data analysis and lets offshore teams track and monitor the condition of lifting equipment, improving productivity and safety.
As well as receiving backing from Stena Drilling, Intebloc has been supported by OGTC, which helped to accelerate the development and deployment of Rig-Ware.
The company, which has its headquarters in Bridge of Don, continues to work with OGTC in the development of its second enhanced lifting technology, focused on safe marine operations.
Colin Dawson, digital business transformation manager at Stena Drilling, said the relationship the two firms have sparked up is something that is “unique” within the drilling sector.
He added: “For Stena Drilling, it’s an exciting opportunity to work with an early stage company like Intebloc that’s got a fantastic, start-up style culture.
“It’s got fantastic experience but a way of working that’s quite unique. We’re really excited about joining Intebloc on this journey.
“Off the back of it we’re going to get all the benefits of the products that they’re building. Integrating that innovation culture into our digital transformation strategy is also going to be something that’s fundamental to our future.”
Erik Ronsberg, CEO at Stena Drilling adds: “Our work with the Intebloc team over the last two years has driven our excitement and belief in the transformational potential of their technology.
“We believe that this investment will deliver significant synergies to both parties and I foresee an exciting future working together.”