Subsea Innovation Secures New Contracts

Subsea Innovation, one of the worlds leading subsea equipment suppliers, has announced it has secured a number of new contracts that will see it reach its 2013 turnover target of £10m.

The Darlington based company, which is a member of business development organisation NOF Energy, has secured a number of lucrative projects in the oil & gas sector that have contributed to its growing figures.

Subsea Innovation, which has racked up over 25 years experience in the offshore industry under its former name, Tekmar Subsea Ltd, currently employs 44 people at its Darlington headquarters and manufacturing facility, this announcement follows on from the company achieving a turnover of £7.4m in 2012.

Much of the success can be attributed to a significant increase in orders of its Launch & Recovery Systems (LARS).

These systems are used in the deployment of Remotely Operated Vehicles (ROV’s) into subsea environments all over the world.

Recent orders have seen the LARS been used in locations including Australia, Brazil, China and Norway.

During 2013 Subsea Innovation will complete manufacture of over 20 LARS, which more than doubles its best previous year and will take the company past a total of 100 fabricated systems.

To accompany the LARS, Subsea Innovation has also designed and manufactured numerous Tether Management Systems (TMS).

The TMS is deployed together with the ROV and provides power, hydraulics and communications with the vessel enabling the ROV to operate in the water at distances up to 1,000m from the TMS and water depths of 3,000m.

In addition to these, during 2013, the company has also supplied J Tube seals to 15 oil & gas projects around the globe, including Canada, France, Norway and the USA, adding to its long track record with these products.

Subsea Innovation also specialise in the design, manufacture and installation of Pipeline Clamps and Pipeline Repair Systems.

These have been successfully deployed off the coasts of the Middle East, Europe and this year in the Gulf of Mexico.

The in-house team of Project and Service Engineers have successfully completed over 20 offshore trips in the year with operations carried out including commissioning, maintenance and recovery & installation of equipment.

Following the sale of its Offshore Wind division in 2011 the company rebranded and changed its name to Subsea Innovation, emphasising its dedication to Innovation in the Offshore Oil & Gas Sector.

Martin Moon was appointed the Managing Director of the company three months later and announced that it was his intention to double the size of the business in the next three years.

Since Martin’s appointment, the company has continued to expand its operations, culminating in successfully reaching its turnover target for 2013 of £10m.

Just over a year later Martin said: “Upon taking on my position last June, it was my intention for the company to double in size within the next three years. Reaching our goal of £10m for 2013 shows that we have had an immediate impact, and is a great sign that we are on the right track.

“What is more, the increased global demand for our full range of Offshore Handling Systems, Pipeline Repair / Recovery Systems and Subsea Sealing Solutions highlights the continually growing international reputation of the Subsea Innovation name.”

Joanne Leng MBE, Deputy Chief Executive of NOF Energy, said: “The targets set by Subsea Innovation over the last year have been testament to the ambition and direction of the company.

“To reach the target of £10m turnover for 2013 is testament to the planning and application by the company, and should act as a precursor to greater growth at Subsea Innovation.”

Press Release, October 15, 2013