Banchory-based engineering technology company Ecosse Subsea Systems Ltd (ESS) (
www.ecosse-subsea.com) says that, after switching its focus from oil and gas to the renewables and inter-connector markets, it expects its turnover to double in the current financial year to £23-25 million, with profits rising to around £5 million and staff numbers growing from 35 to 50.
The firm said it is responding to “fresh opportunities to deploy innovative technologies in emerging markets
in the Baltic Sea, the Far East and the USA”.
Its accounts for the year to 31 March 2016 show a turnover of £12 million (compared to £17.6 million the previous year), while its profits were £704,000 (compared to £1.3 million).
Managing director Mike Wilson predicts “a bright future” following the change in focus and an R&D investment of £1.4 million in the company’s ScarJet sea-bed preparation system, which is said to be “the largest boulder-clearing water-jet tool in the world”.
He said: “Our traditional revenue streams have been replaced after successful diversification into offshore renewables and inter-connector projects, and the company has strong growth opportunities in these areas.
“Consolidation and continued investment in R&D have paid off, and we have had great success building up our order book of contracted work.”
In the current financial year, ESS has carried out work on the Race Bank Offshore Wind Farm for DONG Energy, plus work on Iberdrola’s Wikinger offshore wind farm in the Baltic Sea.
An international infrastructure group also commissioned it to design and build a 1,500-tonne carousel to store spare cables for UK offshore wind farms.