CTC Marine Parent Group Restructure Secures Investment for Future Growth in Offshore Renewables
14 June 2011Following a recent restructuring process, specialist engineering company, CTC Marine Projects (CTC), is ready to make a big move into the Offshore Renewables industry. After the successful completion of an out-of-court restructuring of the former Trico Supply Group of Trico Marine Services, CTC is now a subsidiary of the new parent holding company, Deep Ocean Group Holdings AS.
Despite a tough year, resulting from the 2008 financial crisis and parent group financial troubles, CTC has continued to deliver successful projects both in Oil and Gas and Renewables. Having fought back, CTC is now positioned as one of the strongest cable burial specialists in the world and will benefit from investment for future growth and development. With the support of the new parent group, CTC is well placed to strengthen its Offshore Renewables offering and capitalise on current and future Offshore Wind Farm projects. With the world’s largest fleet of trenching and burial equipment and 20 years of experience, CTC can provide its clients with a versatile spread and project-driven solutions for cable burial protection.
The restructure is a vote of confidence in CTC’s future plans and came as great news to the senior management team, who insist that this will provide job security for their employees and support to the local supply chain, as well as the potential for future company expansion.
Pierre Boyde, Commercial and Business Development Director says of the restructuring process, "CTC is now one of the strongest cable burial companies in the world, and has the financial backing and experience to confidently take on new work in Offshore Renewables. Our fleet is one of the strongest in the world, and along with our in-house geotechnical expertise, we have the ability to select the right tool for the job from a wide range of specialist equipment.”
Currently in field at the BARD Offshore Wind Farm in the North Sea, CTC is providing vital engineering services for the pull in of 80 infield cables. Having recently returned to field, the offshore team are expected to remain here until Q3 this year, with further work expected in 2012. CTC has also just completed two other successful projects in Mexico and the Middle East, which saw some of CTC’s specialist equipment used to install and trench eight power cables in the Bay of Campeche for the Ku-Maloob-Zaap Field Development Project. Whilst in the Karan Field in the Arabian Gulf, CTC performed post cable lay trenching and burial works using a newly modified Shallow Water Trencher.
CTC has a growing successful track record in the Offshore Renewables industry, and along with its current strong backlog of orders for the rest of 2011 and into 2012, it looks forward to a healthy future and steady growth in this important new sector.