The growth in its order book coincides with significant investment in its new Darlington headquarters, which was required after its expanding operations outgrew the capacity of its existing facility. The new site, which will be operational in September, is a 40,000ft² purpose-built production facility close to its current 20,000ft² HQ located on the Faverdale Business Park.
Over the next 18 months the company, which employs 45 people, will design and manufacture specialist products for a number of key projects.
These include J-tube seals for numerous offshore projects, 16 suction pile plugs, which are 48in in diameter and weigh 3.5 tonnes, for an offshore project in Australia, four pipeline repair clamps and 15 launch and recovery systems as part of long-term contracts with major offshore contractors.
The company’s long track record and its commitment to providing the highest levels of customer service in producing these specialist sealing solutions and systems were key factors in securing the contracts.
Subsea Innovation’s annual turnover exceeded £10m for the first time in its history in 2013, up from £7.5m in 2012. The company expects to consolidate on this in 2014 and once again exceed its £10m turnover target.
These contract wins come after Subsea Innovation’s quality management systems achieved ISO/TS 29001 certification. This standard is based on the ISO 9001 and emphasises deficit prevention and the reduction of variation and waste from service providers. It defines the quality management system requirements for the design, development, production, installation and service of products for the petroleum, petrochemical and natural gas industries.
Martin Moon, managing director at Subsea Innovation, said: "Winning these contracts demonstrates the significant progress Subsea Innovation has made over the last two years.
"With significant investment in new premises that will treble our capacity, we aim to continue to compete for more contracts of a similar, if not larger scale.
"We are very proud to be part of the supply chain that serves the key players in the oil and gas industry. Our recent ISO/TS 29001 certification highlights our ongoing commitment to quality. It is a great endorsement for our products and systems, which meet the extremely high standards of the industry."