Subocean Group Limited, a UK-based subsea construction company, secured a £17m equity investment from Lloyds TSB Development Capital (LDC) and a £25m expansion and working capital facility from HSBC Bank.
The company, which is one of the largest providers of services to the marine renewables sectors in Scotland and the UK with a turnover of £70m, said that it will use the funds to double the business in two years and achieve a turnover of £300m by 2014.
John Sinclair, Subocean managing director and shareholder, said that the investment will also enable the company to expand its existing offshore wind operations, invest in the latest equipment and further develop its offering in both renewables and oil and gas markets.
In addition, the company also anticipates a 50% growth in employment within the next two years. Formed in 2005, Subocean now employs 90 people in its main office in Aberdeen and equipment base facility in Middlesbrough.