Viper Subsea Ltd, a Portishead, UK-based company providing engineering services and products into the oil and gas industry, has received a £134,000 Grant for Research and Development from the South West Regional Development Agency.
The company, which is develping a new product to help recover oil and gas from water depths, will use the funds to make it ready for commercial application.
The Grant for Research and Development, delivered regionally by the regional development agencies, is part of a Department for Business, Innovation and Skills (BIS) Solutions for Business initiative. The scheme provides funding to help small and medium-sized businesses research and develop technologically innovative products and processes.
In this case the grant will ensure that the product is successfully taken through the prototype build and rigorous testing programme necessary before it is ready for the market place.
A team of four engineers has been working on this “VIPERconnect” prototype for the past year.
The company aims to complete the project by the middle of 2010.