“The RasGas contract is one of the largest contracts we’ve won to date and an important step forward for Subsea Innovation as we’ll be able to demonstrate that we can deliver clamps and connectors of this size to a major operator. The Tees Valley Catalyst Fund loan has been instrumental in helping us move up a gear and we’re confident that we can now build on these foundations.”
Established in 1985 by a team of experienced engineers and diving professionals, Subsea Innovation designs and manufactures equipment for the off shore oil, gas and energy sectors.
The company, based in Darlington, County Durham, used a loan from the Tees Valley Catalyst Fund to secure an advanced payment guarantee issued by Barclays for a major contract with RasGas in Qatar, one of the world's premier integrated liquefied natural gas (LNG) suppliers.
The contract saw Subsea Innovation design and build a series of structural pipeline repair clamps and connectors for RasGas to use in its operations.