CTC Marine is going for growth
A DARLINGTON-BASED offshore subsea construction firm is going for growth after clinching a $40m (£26m) contract on a major development in Korea.
CTC Marine will carry out cable lay and ploughing activity on the Jeju Island Project.
The work will involve the installation of two 105-kilometre cable bundles between Jeju Island and Jindo Mainland Korea in water depths of up to 160 metres. CTC has already started work on the first phase, with the second phase due to begin next year.
The deal follows a string of other wins for the company, including a £7m contract on the high profile Wave Hub pilot project off the coast of Cornwall.
CTC, which employs 140 of its 180 staff in Darlington, is recruiting another 10 to 12 people to cope with the surge in orders.
Daryl Lynch, CTC’s MD, said: “We got the (Korean) contract because we have the right vessels, the right trenching assets and the right skills.
“We have an extensive track record in the installation of flexible products and we are confident of continuous growth.”
He said he was in advanced talks to secure other deals that would consolidate CTC’s position as one of the region’s fastest-growing companies.
The firm recently soared 82 places to 38th in this year’s list of Top 200 North-east companies, with turnover last year growing 34.5% to £146.9m.
Although the company remained tight-lipped over future revenue projections, it said it was eyeing several growth sectors including renewable energy and power.
The firm has been building up a portfolio in offshore wind and has begun work on the BARD Offshore Wind 1 project, installing 80 infield cables in the western North Sea.
In the last 13 years CTC has completed more than 100 trenching and cable installation projects and has worked around the globe in countries such as Australia, China, Egypt, Brazil and offshore Africa. The company started its global expansion in 2005 with a one-man office in Singapore. Since then it has established outlets in Dubai, Egypt and Perth, Australia.
:: For an in-depth focus on CTC Marine, see tomorrow’s nebusiness supplement.
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