Ecosse Subsea posts GB£7m in profits
Ecosse Subsea has attributed EBITDA of GB£7m for the year ending 31 March 2017 to its R&D investment and SCAR technologies.
The parent company of subsea technology specialist, Ecosse Subsea Systems, (ESS), Ecosse Subsea has more than doubled turnover from £12.7m to £27.7m. It said its strong financial performance was a result of previous R&D spend of more than £10m and increased adoption of its SCAR technologies for offshore renewables and interconnector projects, aligned to growth in oil and gas engineering activities.
ESS chairman, Mike Wilson, said: “We have concluded a number of major offshore windfarm projects and interconnector contracts in the last year and our greatly increased market share is reflected in these excellent results.”
Managing director, Mark Gillespie, added: “We continue to invest significantly in R&D which will generate future returns in 2018 and beyond, an example of which is our new trenching tool SCARJet in which we have already invested a large proportion of 2017 profits.
“In the current financial year we have already secured an order backlog in excess of £20m and we are forecasting that 2018 figures will continue on an upward trajectory.”
Mr Gillespie commented stated that the business had strengthened in Europe in the last financial year and its focus would now be on consolidating its position in the subsea energy sector and expanding its geographic footprint to the Baltic, Asia and North America subsea markets.
ESS’ SCAR seabed systems can be deployed on a variety of subsea tasks required on offshore windfarm projects and major infrastructure and interconnector projects.
By Rebecca Jeffrey
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