Aberdeen-based Sigma Offshore said yesterday it had secured £2million of new funding to further develop its oil and gas technology.
The engineering and project-management company is developing a mooring and loading system for production and storage vessels.
Sigma has received a £1million investment from Scottish Enterprise’s Scottish Venture Fund, with the rest of the cash coming from venture-capital group Energy Ventures: Sigma’s original investor and main shareholder.
Sigma chief executive Alistair Dornan said: “To secure such a major investment in these financially challenging times is a massive achievement for the team and testimony to the potential of the technology.
“The financial boost will enable us to continue to develop and promote our innovative mooring system, while also providing the opportunity to grow our teams in Aberdeen and at strategic locations around the world.
“The north-east continues to have a major role to play in the development of cutting-edge technology for the energy industry and it is fantastic that this importance is being recognised by both the public and private sectors.”
Greg Herrera, Aberdeen-based partner with Energy Ventures, added: “This is our first deal of this type with Scottish Enterprise and the innovative partnership approach is one we would like to build upon.”
Sigma’s aim is to become the global independent turret and mooring provider of choice. It is developing a cost-effective method known as the smart mooring system that connects oil and gas production and storage vessels to subsea wells and pipelines.
Sigma’s approach, in which the system is mounted on the bow of the vessel rather than in the hull, is said to be significantly more efficient to instal than traditional methods and does not require the vessel to be dry-docked.
Neil Ross, director of the Scottish Venture Fund for Scottish Enterprise, said: “This is an exciting time for the energy industry and we’re seeing a host of new innovation from companies based in Aberdeen and the north-east.
“Energy Ventures, a new investment partner for Scottish Enterprise, has an excellent track record of backing winners in the upstream oil sector and Sigma looks capable of enjoying global success with its smart mooring system technology.”
Sigma employs 22 people at its headquarters in Aberdeen and is targeting key markets including south-east Asia, South America and west and north Africa.
The company was set up in 2004. Operations director and founder John Baross recently decided to leave to devote more time to other business interests.
Mr Dornan said: “John’s efforts in taking the company forward are here for all to see and he will continue to make his extensive experience and expertise available to us.”
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