A recently formed subsea services business has secured a substantial injection of private equity investment to acquire a fleet of 32 best-in-class remotely operated vehicles (ROVs).
Aberdeen and Houston based M² Subsea has attracted the investment from a fund advised by Alchemy Special Opportunities.
M² Subsea presently employs eight people but is currently recruiting to fill 33 positions to be split across both cities.
It and is committed to having 150 in post by the end of 2017 and aims to become one of the largest independent ROV providers in the North Sea and overseas oil basins.
Mike Arnold is heading up the business; he brings 35 years’ experience in the subsea industry as original founder of Rovtech as well as Hallin Marine UK and Bibby Offshore’s ROV services unit. He is joined by a strong management team of other subsea veterans, including Mark Wood and Mike Winstanley.
Arnold said: “The time is absolutely right for a new ROV services provider that can dramatically reduce both cost and risk whilst continuing to provide a professional and quality service.
“Key to this will be our collaboration with boat owners and operators by helping them to maximise utilisation of vessels and offering competitive solutions to meet our clients’ demands.”