CTC Marine Projects is set for further expansion after receiving a £250,000 SFI grant from One NorthEast with the help of Richardson Hall Kennedy’s (RHK) corporate finance team.
from left to right: Daryl Lynch (CTC Marine), Michael Cantwell (RHK)
and John Leer (Tees Valley Regeneration)
The project for which the grant has been awarded will see the company:
Move into new offices in Darlington, with capacity for approximately 240 employees and additional parking space
Recruit more than 50 new staff
Purchase a new, advanced technology jet trenching vehicle and carousel for a combined cost of £11.2 million to expand the capabilities of its equipment base.
CTC Marine Projects specialises in the provision of the subsea services in the booming global oil and gas sector, including the trenching and installation of pipelines, flowlines and cables.
The company was recently acquired by Norwegian company DeepOcean ASA for approximately £70 million. Charles Tompkins, Chairman and majority shareholder of CTC, acquired a significant shareholding in DeepOcean as part of the transaction and will join the DeepOcean Board.
The move was designed to bring corporate strength to CTC to support its ambition to become the global leader in trenching and cable lay.
Daryl Lynch, Finance Director of CTC, said the company can look to the future with great optimism. “The deal with DeepOcean resulted from a shared vision by two companies with entirely compatible services to become the world’s leading second tier contractor. We are extremely grateful for the commitment and expertise of RHK throughout the successful application process. The SFI grant award gives CTC the confidence to undertake the project which will consolidate the company’s position in Darlington allowing CTC to take the next step in its growth plans, with turnover approaching £100 million per annum forecast within three years.”
Michael Cantwell, Corporate Finance Manager at RHK, was delighted with the outcome of the application. “It is extremely gratifying to have assisted another multinational company towards achieving its growth strategy. We are currently advising CTC on securing funding for its next major project, to further develop its offshore base on the River Tees.”
John Leer of Tees Valley Regeneration believes that the company has an important part to play in the region’s future. “CTC is a fast-growing company in what is becoming an increasingly important sector for the Tees Valley region. We are pleased that with One NorthEast we were able to support CTC and look forward to a long and prosperous relationship with the company.”
Ian Williams, Head of Business Products at One NorthEast, said: “I am delighted One NorthEast has been able to support CTC Marine with a £250,000 SFI grant.
“The money will be used to help the company move into new offices and recruit more than 50 new staff. That’s great news, not just for the company but also for Darlington and the whole of North East England.
“The subsea sector has a major part to play in the future development of this region, so it’s fantastic that as the development agency for the North East, One NorthEast has played such a major role in this announcement.”
Click here to take a look at our Corporate Finance deal summary.
RHK are registered by the Institute of Chartered Accountants in England and Wales to carry out company audit work. RHK Corporate Finance LLP is registered in England and Wales as a Limited Liaibility Partnership (Registered No. OC308294)
