Subocean Group Limited.
Discovery Drive, Arnhall Business Park, Westhill, Aberdeenshire, AB32 6FG
t: +44 (0)1224 351500
f: +44 (0)1224 351501
e: subocean@suboceangroup.com
Discovery Drive, Arnhall Business Park, Westhill, Aberdeenshire, AB32 6FG
t: +44 (0)1224 351500
f: +44 (0)1224 351501
e: subocean@suboceangroup.com
Thursday 11 March 2010
Subocean Signals Wind of Change with £17m LDC Investment |
21/12/2009 |
| LDC, the private equity arm of the Lloyds Banking Group, has invested in fast-growing Aberdeen-based business, Subocean Group. The subsea construction company, which is now one of the largest providers of services to the marine renewables sectors in Scotland and the UK, will use the investment to double the business in two years and achieve a turnover of £300million by 2014. The company secured LDC’s £17million equity investment as part of a £42million fundraising in one of Scotland’s biggest private equity deals this year. LDC has a significant minority stake, valuing Subocean in excess of £75million. Subocean managing director and shareholder, John Sinclair, said: “LDC’s investment demonstrates fantastic confidence in the business and its potential, particularly within marine renewables where we are now working on over 50% of offshore windfarm projects currently under construction in UK waters. With an order book standing at £150million, we have strong foundations for our ambitious growth which the new equity will help us pursue. “To date, Subocean has only been addressing the UK 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 start progressing their own renewable targets for 2020.” “This investment will also enable us to expand our existing offshore wind operations, invest in the latest equipment and further develop our offering in both renewables and oil and gas markets.” Subocean, which was first formed in 2005, now employs 90 people with a turnover of £70million, in excess of 75% of which is now derived from the fast-growing renewable energy sector. The company anticipates a 50% growth in employment within the next two years. James Rodger, LDC’s Director in Scotland commented “LDC is delighted to support Subocean and its management team. Following a series of major contract wins, the company has become a leading player in a sector which is poised for major capital investment over the next ten years.” “This is LDC’s first investment in Scotland since opening offices in Edinburgh and Aberdeen last year, and is the fifteenth investment nationally in 2009. The private equity market this year has generally been quiet throughout the UK and particularly in Scotland. However, LDC’s philosophy is to support first class management teams and to seek investment opportunities throughout the economic cycle. Subocean is a great investment to end what has been another excellent year for LDC.” Rodger is joined on the Subocean Board by fellow LDC Director Steve Carle. Steven Gray from LDC also worked on the transaction. The deal was initiated by Simmons & Company International Limited. Nick Dalgarno, Simmons’ managing director said, “The team at Subocean has done a tremendous job in establishing the business as the UK’s leading cable installation contractor for offshore wind farms. The investment by LDC is testament to that and will provide the stability and financial support to enable Subocean to deliver its exciting growth prospects,” Alongside this investment, Subocean has also secured expansion and working capital facilities of around £25million from HSBC Bank. |
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| Subocean Managing Director Honoured for Outstanding Industry Contribution | 04/12/2009 | |
| The managing director of Aberdeen-headquartered Subocean Group, John Sinclair, has been honoured for his outstanding contribution to the ... | Subocean Pioneers Industry Breakthrough on World-First Windfarm Project | 29/10/2009 |
| Subocean Group has pioneered a renewable industry milestone by becoming the first company to use a DP vessel equipped with ploughing ... | Subocean Group Wins Top Renewables Award | 25/9/2009 |
| Subocean Group has won a top renewables accolade at a prestigious business awards ceremony.The Group, which is one of the UK’s ... | Multi-million Pound Investments Secure Subocean’s Market-leading Position | 8/5/2009 |
| Aberdeen-based subsea construction company, Subocean Group, has invested almost £16 million in cable laying equipment and the re-fit ... | Multi-million Vessel Charter for Marine Renewables by Subocean | 23/4/2009 |
| Aberdeen based subsea construction company, Subocean Group, has chartered a DP2 subsea support vessel in what represents a £30 ... | Subocean Group Creates 75 New Jobs Primarily in Marine Renewables | 14/4/2009 |
| LEADING subsea company, Subocean Group, is doubling the size of its premises as staff numbers hit 175. The specialists in subsea cable lay ... | Subocean Seals Position in Marine Renewables with £100m of Contracts | 6/1/2009 |
| Aberdeen based Subocean Ltd are poised to make waves with the announcement that their renewable energy contracts awards have topped ... | Subocean Underlines Offshore Renewable Energy Credentials with another Multi-million Pound Offshore Windfarm Contract | 18/09/2008 |
| Subocean Limited, has been awarded a £27 million contract to install two off 23.5km in length export power cables and 100 off ... | Subocean Reaffirms Position in Offshore Renewables with First E.ON UK Contract | 23/07/2008 |
| Aberdeen-based subsea installation company, Subocean Limited, has been awarded a fast track contract with EON UK on the Scottish Robin ... | Subsea Construction Company Wins First Middle East Contract | 1/7/2008 |
| Subsea installation company, Subocean, has been awarded its first contract in the Middle-east. The Aberdeen-based company has won a $13.5 ... | New Name in Subsea Construction on Track for Expansion | 3/12/2007 |
| Subsea installation company, Subocean Limited, has won a contract worth circa £2m with Mondial Contractors SA to supply a barge with ... | Subocean Reaffirms Position in Renewables with Additional Work Award on Centrica Renewable Energy Limited Contract | 3/9/2007 |
| Aberdeen-based subsea installation company, Subocean, has been awarded additional work with CREL on a wind-farm development, bolstering ... | Subsea Construction Company in US Market Break-Through | 3/9/2007 |
| Aberdeen-based subsea installation company, Subocean, has just completed a contract in the United States to help deliver an offshore gas ... | Centrica Awards Subocean Second Renewable Contract | 3/9/2007 |
| Subsea installation company, Subocean Limited, has been awarded a second contract by Centrica Renewable Energy Limited (CREL) with a value ... | Subocean Invests in Renewable Sector with New Vessel | 1/5/2007 |
| Subsea installation company, Subocean Group, has made a multi-million pound investment in a barge and equipment specifically for the ... | Subocean Group Moves | 2/4/2007 |
| Subocean Group is investing £1.0 million in its continued growth by relocating to new premises in the north-east of Scotland and ... | Subocean Marks Major advance into Renewables with Contract at Preferred Contractor Status | 1/12/2006 |
| Subsea installation company, Subocean, highlights its commitment to and confidence in marine renewables with a notification of being the ... | Subocean Limited Marks First Steps into Renewables with Centrica Contract | 2/10/2006 |
| Subsea installation company, Subocean Limited, highlights its commitment to and confidence in marine renewables with a major contract ... |