Subsea engineering firm Subsea Innovation has said it is hoping to double its business in the next three years after appointing a new finance director and winning £5million of new contracts.
The Darlington-based firm, which has a £7.5million annual turnover, designs and manufactures offshore equipment handling systems, pipeline repair systems and subsea sealing systems.
It has taken on Phil Heathcock who had been at Darlington-based Whessoe Oil and Gas for four years managing the finance department of a £200million turnover business..
He has also held finance director positions with construction firm Henderson Campbell as well as renewable cable protection system supplier Tekmar Energy.
Subsea Innovation said it had already increased its workforce from 30 to 42 in the past year.
Managing director Martin Moon added: “An experienced professional like Phil joining the business is another step forward towards our aim of doubling its size over the next three years.
“We have ambitious plans after increasing our workforce significantly over the past year and are delighted to appoint Phil.”
Mr Heathcock said “I am relishing the opportunity to join such an efficient company and making a significant contribution to its ambitious growth plans.”
Subsea Innovation is a member of energy sector business development organisation NOF Energy.
Joanne Leng, director of business development at NOF, said: “Expanding and ambitious companies like Subsea Innovation demonstrate how the offshore energy sector in the north-east of England is thriving and how important the sector is to the region’s economy as a whole.”