Onshore News: ISS gets $160m capital injection
Posted on 15.04.2008 - 08:00 EDT in GENERAL NEWS by Rons_ROV_Links
The Bank of Scotland has pumped £80 million into Aberdeen-based subsea company Integrated Subsea Services (ISS) to help it fast-track its expansion plans.
The overall deal, which is valued at £143 million, will see Bank of Scotland provide new banking facilities, which include refinancing of existing debt, and take an equity stake in the business which is forecast to reach a turnover of £150 million in three years.
Established in 2002 by Ian Herd and Bruce Webster with support from Bank of Scotland, ISS provides specialist diving, remotely operated vehicle (ROV) and survey services for all kinds of subsea oil and gas operations.
This ranges from new field installation to subsea well intervention and abandonment to pipeline and platform repair and maintenance. The company now has an offshore workforce of approximately 500 people involved in diving, ROV and survey operations.
Webster said: "This cash injection by Bank of Scotland will enable us to speed up our planned investment in people and training and in our ROV fleet so that we can capitalise on the international opportunities available to the business.
"This year we have already rolled-out a £20 million capital expenditure programme which included the purchase of eight new remotely operated vehicles capable of operating in ultra-deep water to service global demand for our underwater contracting services as well as a significant recruitment drive which resulted in 60 experienced ROV operators and trainees joining the business."