Pharos Offshore Group Secures Funding to Support Growth
12 October 2022
Seabed intervention and subsea robotics services company Pharos Offshore has secured a £7.8m funding package facilitating the purchase of new assets.
Based in Blyth, and with operational bases in Abu Dhabi and Singapore, Pharos provides fully manned assets and expertise across the four major marine markets –offshore wind, renewables, telecommunications and oil and gas. Offering world-class engineering solutions and support, it works with some of the largest EPCI and specialist installation contractors in the offshore wind and telecoms sectors, including DEME, Boskalis, Jan De Nul, Global Marine & SBSS, Van Oord and Seaway 7, contributing to their success across the globe.
A strong track record of safety, service and delivery has underpinned significant growth for the business in recent years. Their team of now over 70 employees operate out of their headquarters in the Port of Blyth, with strategic business partnership location and equipment storage in Singapore, delivering cable projects resulting in the burial of some 160,000km of cable worldwide since 2003.
With its key market sectors poised for significant growth over the next five years, Pharos is set to capitalise on increasing demand having secured a new funding line from ThinCats to invest in its growth and additional deployable asset acquisitions.
Pharos is already the agile and environmentally conscious partner of choice offering flexible customer investment options sourcing, repurposing, and life-extending proven subsea systems. The funding package will allow Pharos to source additional Work Class ROVs, Trenching systems, Cable Ploughs and other ancillary equipment and deploy them across multiple markets.
Dave Parr, Ben Drummond and Rob Thompson formed the funding team at ThinCats and the transaction was advised by John Blanchflower and Warren Daley from Bridge and York. Andrew Fordham, Jen Hanson and Ellen Bower at Addleshaw Goddard provided legal support for ThinCats and MFG Solicitors acted for Pharos.
Phil Walker, CEO, Pharos Offshore Group, said: "The market for trenching services is growing at an incredible rate. Project success is in our DNA and with this new funding we will be able to offer our ground-breaking agile solutions to even more clients in their key markets around the world. Thank you to Dave, the team at Bridge and York for supporting our vision and backing our ambitious growth plans.”
Dave Parr, Director Regional Business Development with ThinCats commented: "Pharos Offshore has a fantastic record in providing operational excellence and they have built a strong reputation within the industry. With this investment they are extremely well positioned for further success within rapidly growing markets. It was a pleasure working with Phil and Bridge & York to deliver this transformational funding, and we look forward to seeing their continued growth.”
John Blanchflower, Bridge and York commented: "B&Y has enjoyed working with Phil and his team at Pharos for the last 5 or so years and providing funding at strategic intervals as Pharos developed its market presence. B&Y saw the growth potential of Phil’s vision and are delighted to have been an assistance in this significant phase of Pharos’ growth.”