A recently formed subsea services business based in Aberdeen and Houston, M² Subsea Limited, has secured an injection of private equity investment to acquire a fleet of 32 remotely operated vehicles (ROVs).
The company said on Tuesday that it attracted the investment from a fund advised by Alchemy Special Opportunities.
The recently-established business expects to create at least 50 onshore and 100 offshore jobs operating primarily in the North Sea, Gulf of Mexico, West Africa and eventually Asia Pacific, and the Middle-East by the end of 2017.
Mike Arnold, who is heading the business, has 35 years of experience in the subsea industry as the founder of Rovtech as well as in Hallin Marine UK and Bibby Offshore’s ROV services unit.
He said: “The time is right for a new ROV services provider with a fresh approach that can, through experience, expertise, the correct asset base and lean management, dramatically reduce both cost and risk while continuing to provide a professional and quality service.
“Key to this will be the company’s collaboration with vessel owners and operators, helping them to maximize utilization of vessels and offering competitive solutions to meet our clients’ demands.”