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Darlington subsea company to expand with Barclays funding

Darlington-based subsea equipment supplier, Subsea Innovation, has announced expansion plans and a move to new headquarters with funding from Barclays.

Subsea Innovation, established in 1985 by a team of engineers and divers, delivers engineering products to offshore Oil and Gas and Energy industries worldwide.

The company currently employs 46 staff locally, producing a turnover of over £10 million in 2013.

Forecasts for 2014 suggest the same, whilst the company has more than doubled its turnover in the last five years.

The recent move to additional premises at Faverdale Business Park, in Darlington, has tripled the company’s production space to 60,000 square feet.

Moreover, the Barclays funding has also enabled Subsea to kit out the premises with state of the art equipment and expand the range of products they currently design and manufacture.

Managing Director at Subsea, Martin Moon, said: “We are a fast growing company and the move to the new premises will enable us to build bigger machines and carry out increased testing on site.”

Barclays Relationship Director, Janice Grinton, said: “Like many of our customers, Subsea Innovation decided the time was right for further investment to grow the company.

“A highly professional and progressive brand that is thriving despite the current economic challenges, the management’s ambitious growth plans is testament to their success.”

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