Ecosse Subsea Systems Ltd reports that its latest full-year results show a trebling of profits to £3.4 million. The Aberdeenshire firm attributes this growth to a diversification from its traditional oil and gas market into renewables and interconnectors. In the past two years, 55% of its projects have been focused on the renewables sector. The company employs 70 people offshore and at its headquarters in Banchory. Over the past year, it has spent more than £1 million on R&D.

Managing director Mike Wilson, said: “The results are extremely encouraging and confirm that our technologies are equally suited to — and easily transferable between — the oil and gas sector, which is where we ‘cut our teeth’, and
the ‘green energy’ market.

With a healthy balance sheet and debt-free status, we are in a strong position to counter the challenges facing the oil and gas industry, while capitalising on new opportunities in other markets.”