TSMarine says it remains on track to almost double turnover to about £100million by next year after achieving £55million in 2007.
The Aberdeen-based specialist in subsea rigless well intervention and decommissioning for the offshore oil and gas industry also said it was expecting delivery of its first two new-build vessels by the middle of next year.
The move will trigger about 200 extra jobs to add to its 120-strong payroll worldwide as it recruits new crews.
The company to date has chartered vessels, two of them on long-term charter and others as required.
It also owns four remotely operated vehicles and a variety of support equipment.
The acquisition of two new-builds at a cost of £130million, however, will result in a growth spurt for the company. The Loch Torridon and Loch Sunart are designed to perform a wide range of subsea-intervention and decommissioning operations.
TSMarine (TSM) announced the appointment of Colin McGinnis yesterday, the former head of structured shipping finance at ABN Amro bank in London, as its new chief financial officer.
During his time at ABN he acted as a financial adviser to TSM, helping to raise £53million equity from private-equity group 3i and ABN Amro Merchant Banking earlier this year to allow the firm to explore new avenues.
TSM chief executive Alasdair Cowie said Mr McGinnis, while at ABN, established a structured tax lease for TSMarine which allowed it to begin construction on its new-build programme.
He added: “The finance exercise gave him a full and in-depth insight into our business and this knowledge will be a huge advantage to his role as our chief financial officer.
“His extensive track record working for one of Europe’s leading investment firms is extraordinarily valuable as we execute our growth and development strategy.”
Mr McGinnis, 47, an Australian, has left ABN after 12 years in various capacities. He succeeds Steven McPhail, who has gone on to pursue personal interests.
Prior to ABN, Mr McGinnis held the role of senior relationship manager for corporate banking at international banking group Standard Chartered.
In addition to naming Mr McGinnis as its new chief financial officer, TSM has promoted Tim Martin from operations manager to regional director for Europe and Africa.
The promotion is in response to the firm’s regionalisation strategy whereby it is divided into two distinct profit centres, Europe and Africa and Asia-Pacific.