Ecosse Subsea Systems Adds MASfab
Banchory-based subsea technology specialist, Ecosse Subsea Systems (ESS), has acquired MASfab for an undisclosed sum.
The County Durham-based MASfab provides a range of fabrication, welding and construction services to the oil, gas and renewables sectors.
As part of the deal MASfab has been awarded a seven-figure valued contract to manufacture the latest version of ESS’s SCAR subsea plough which is used in seabed excavation, trenching and boulder clearance work.
ESS commercial director, Keith McDermott, said: “MASfab is an excellent addition to Ecosse’s capabilities and their reputation for first class workmanship on large oil and gas contracts was a driver in completing this deal.
“Our new SCAR Max plough will be an important addition to our subsea fleet and MASfab will be delivering a subsea plough which will set new industry standards and bring instant benefits to our clients.
“There are great opportunities ahead for MASfab and we are looking forward to working with their team and enjoying the mutual benefits that knowledge sharing and close co-operation will bring.”
The SCAR project is MASfab’s largest contract to date following the formation of the company last August by managing director Paul Mitchinson and director Sharon West.
According to reports, MASfab employs 22 staff and has projected that over the next three years their workforce will grow to around 30, with annual revenues exceeding £3 million.
Paul Mitchinson said: “By joining with Ecosse we will benefit from massive exposure to their extensive client base which will accelerate growth and create jobs in the north east.
“Ecosse is a very successful subsea technology firm which has just won a multi-million pound renewables contract in the north east of Scotland. They have a long track record of success on traditional oil and gas projects but are increasingly the go-to people for seabed ploughing and backfill, clearance and cable-laying in the fast-growth renewables industry.
“This is a win-win for MASfab and already we are benefiting from the award to build Ecosse’s new SCAR Max plough, which is the latest version of their successful SCAR technology.”
Furthermore, mast month, ESS announced it had signed a Letter of Intent with international automation and power group ABB to provide seabed clearance, trenching and post-lay back-fill operations on the 100-mile £1.2 billion Caithness-Moray electricity transmission link project in north east Scotland, which could end up as the company’s largest ever contract award.