North Sea subsea and engineering technology company, Ecosse Subsea Systems has benefitted as an ‘early adopter’ in moved from its traditional focus in oil and gas in to the renewables and interconnector markets.
The latest accounts for the year to 31 March 2016 lodged at Company House, show a turnover of £12 million compared to £17.6 million the previous year, while profits were £704,000 compared to £1.3 million
And Banchory-based ESS is forecasting that turnover in the current financial year will double to between £23-£25 million, with profits jumping to around £5 million and staff numbers growing from 35 to 50 employees.
ESS said it was responding to fresh opportunities to deploy its innovative technologies in emerging markets in the Baltic Sea, the Far East and USA.
Managing Director Mike Wilson, predicted a bright future following the transition in to renewables and after a year which included exceptional R&D investment of £1.4 million on the company’s SCAR 2 seabed preparation system, which is the largest boulder clearing tool in the world.
He said: “Our traditional revenue streams have been replaced after successful diversification into offshore renewables and interconnector projects, and the company has strong growth opportunities in these areas.”
In the current financial year, ESS has executed a £5 million project on the Race Bank Offshore Wind Farm on behalf of DONG Energy, and extended a trenching scope on an earlier project on behalf of Prysmian Group on Iberdrola’s Wikinger offshore wind farm in the Baltic Sea.
Wilson added: “The next year and beyond looks very promising in renewables, the interconnector market and in oil and gas, where there are some green shoots starting to appear.
“The technologies which we have developed for use in the renewables sector are equally applicable for oil and gas projects, and we will be working hard to build on our long-established reputation for innovation and flexibility in traditional hydrocarbons.”