Subocean Seals Position in Marine Renewables with £100m of Contracts
30 March 2009
Aberdeen based Subocean Ltd is poised to make waves with the announcement that its renewable energy contracts awards topped £100 million in 2008.
This makes them one of the largest providers to the marine renewable sector in Scotland.
These contract wins confirm that Subocean has successfully transferred its oil and gas and subsea construction expertise into the offshore renewables market.
Subocean, which formed in 2005, now employs 120 people with a turnover of £35 million, 75% of this business is now derived from the fast-growing renewable energy sector.
The company's remarkable renewables contract wins over the last eighteen months include being chosen by EON Renewables to lay and bury array power cables under the seabed on Scotland's first offshore windfarm project in the Solway Firth and to install one massive export cable connecting the Robin Rigg development to the mainland.
Subocean was also awarded the contract to lay and bury an array of cables under the seabed, along with two export cables for the Thanet project, the first 100 Wind Turbine Generator (WTG) offshore wind-farm development in the world, off the North East coast of Kent.
These projects have firmly established Subocean as a major player in subsea power cable installation and burial activities to support the construction of offshore wind farms. To round-off a successful year, Subocean recently scooped the Scottish Renewables business achievement award at the Green Energy Awards.
This announcement surpasses Subocean's target of achieving a £40 million growth in the marine renewables and underlines their commitment to this burgeoning market sector.
Operations Director of Subocean, Mike Daniel said: “Subocean's contract awards and investment profile for 2008 are evidence that the marine renewables market is finally coming of age and we are well positioned for further global growth in this sector.”
“To date Subocean has only been addressing the UK renewable market requirements but we see an even bigger opportunity to capture a significant share of business outwith the UK from 2011 when other European governments set their own renewable targets for 2020.”
Looking ahead, Subocean has already secured £75 million worth of renewable energy work in 2009 and has contracts totalling £50 million confirmed for 2010.
Since forming almost four years ago, Subocean has gradually been building a reputation in the delivery of subsea installation projects as well as the supply of personnel and equipment to the subsea sector. Their extensive experience in the North Sea oil and gas industry has provided them with specialist knowledge of the subsea sector which has enabled them to transfer their skills to the marine renewable energy market.