Engineering firm Rotech Group has relaunched its subsea division four years after selling a similar business to Reef Subsea AS, which went bankrupt last month.
The Aberdeen-based Rotech launched the business following the development of a new range of subsea excavation equipment that involved the investment of a seven-figure sum.
The division will be headed by Stephen Cochrane who has been appointed as Rotech’s director of subsea.
Mr Cochrane has rejoined Rotech after a two-year stint with another Aberdeen engineering firm, Red 7 Marine Offshore.
Director of Engineering Dr Don Stewart said Rotech moved officially back into the subsea market after a non-compete clause with the failed Reef Subsea lapsed in December.
He said: “In this climate it is a piece of good news. Most companies are going in the other direction at the moment.”
He added: “Stephen is very glad to be back with us and we are certainly glad to have him.”
Rotech’s new “flagship” equipment is an innovation that allows the firm to diversify its market. The “RS9” system both digs seabed trenches as well reburying the pipe or cable at the same time.
“That’s a big step forward in terms of capability of the tool,” said Mr Stewart.
“It takes us into the renewables sector for offshore wind farms and subsea power cables which is separate from the oil and gas sector.”
Rotech sold its subsea division, including equipment and 66 Aberdeen-based employees, to the Norwegian-owned firm in 2011 to focus on its engineering and fabrication businesses, particularly downhole and subsea tools.
Stavanger-based Reef Subsea AS, along with its subsidiary Technocean Subsea, filed for bankruptcy in February after its private equity-owners, Hitecvision, threw in the towel.
At the time, Reef chairman and former Subsea7 boss Mel Fitzgerald, said the management team had failed to “find sustainable solutions with key stakeholders” to save the firm.
Last week administrators confirmed that 77 jobs were lost following the collapse of Specialist Subsea Services (S3) – another firm that had been owned by Reef Subsea AS.
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