Sales double to £109m at subsea firm

Jul 6 2009 by Peter McCusker, The Journal

CTC almost doubled its global workforce to 330 in the last year, with around 200 of these employed in the UK. This year it is taking on a record number of graduates bringing its total number of graduates to 30.

The company’s results for the calendar year 2008 which were recently published at Companies House show sales up from £56m to £109.2m and profits before tax up from £204,000 to £10.2m.

Mr Lynch added: “We are constantly looking to improve our performance and we have a significant workload.”

He is particularly pleased about its recent contract win in the offshore wind farm sector and now plans to secure more work in this sector.

CTC has been awarded a contract by E.ON Climate and Renewable UK to lay, install and bury 17 subsea power cables, which will link wind turbine foundations at the Robin Rigg offshore wind farm in the Solway Firth.

He added: “This contract shows CTC’s ability to apply our extensive subsea experience in the oil and gas industry to the offshore wind farm market and highlights the breadth of services and technology that CTC has to offer.”

CTC was established by Charles Tompkins and John Johnson in 1993.

In 2000 telecom company Alcatel took over the firm, but three years later the founders bought the company back.

In January last year the company was bought for £75m by Norwegian offshore group DeepOcean and in May 2008 DeepOcean was bought by Trico for about £400m.