A recently formed subsea services business, M² Subsea Limited, has secured a substantial injection of private equity investment to acquire a fleet of 32 remotely operated vehicles (ROVs).
Aberdeen and Houston based company has attracted the investment from a fund advised by Alchemy Special Opportunities.
The M² Subsea 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, the company said.
Mike Arnold, who’s heading up the business, said: “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. 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.”