Wind-farm investment boost for Aberdeen firm

Peter Jones

A rapidly-growing Aberdeen company specialising in the construction of offshore wind farms has secured £42 million of investment to fund more growth, a sign of emerging confidence that they are on the threshold of a boom.
The investment has been secured by Subocean Group, which was formed in 2005 to win work on laying seabed cables between offshore turbines and to the shore.
The company now plans to double its size in two years, adding 45 staff to its permanent workforce of 90 and its 100 offshore contracted employees.
The investment is notable for being the first made in Scotland by LDC, the private equity arm of the Lloyds Banking Group. LDC opened offices in Edinburgh and Aberdeen last year.

Subocean is currently working on two major new offshore wind farms — the 140-turbine Greater Gabbard farm off Suffolk, being built by Scottish and Southern Energy, and the 100-turbine Thanet farm in the Thames estuary being built by Vattenfall of Sweden.John Sinclair, managing director of Subocean, 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 per cent of offshore wind farm projects currently under construction in UK waters. With an order book standing at £150 million, we have strong foundations for our ambitious growth which the new equity will help us pursue.”
James Rodger, Scottish director of LDC, will now be joining the board of Subocean. Mr Rodger said: “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.”
“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.”
Mr Sinclair added: “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.”