M² Subsea, a recently formed subsea services business, has secured significant new investment for the acquisition of a fleet of 32 remotely operated vehicles (ROVs).
The investment was attracted by the new company based in Aberdeen, UK and Houston, US from a fund advised by Alchemy Special Opportunities, M² Subsea informed.
“The time is absolutely 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 whilst continuing to provide a professional and quality service,” M² Subsea recently-appointed CEO Mike Arnold, said.
New Subsea Services Firm Creates 100 Offshore Jobs
“Key to this will be the company’s collaboration with vessel owners and operators, helping them to maximise utilisation of vessels and offering competitive solutions to meet our clients’ demands”, the executive stated further.
With the acquisition of the 32 best-in-class ROV units, the US and UK-based firm will be expected to create at least 50 onshore jobs and 100 offshore jobs.
M² Subsea CEO Mike Arnold
According to the company, the positions will be spread primarily across the North Sea, Gulf of Mexico, West Africa by the end of 2017.
Eventually, the company is also expected to open new jobs in the Asia-Pacific region and the Middle East.
M² Subsea En Route to Become Major ROV Provider
“M² Subsea is set to become one of the largest independent providers of ROV services globally and offer its customers safe, cost-effective solutions for inspections, repair, maintenance, decommissioning and light construction,” the company said in a statement.
According to the company, it is set to offer an independent service focused on delivering best value while reducing cost and risk, “to meet the demands of the low oil price environment”.
The company opened a technical support centre in Newcastle earlier this here, to operate both shore and offshore-based activities.