Subsea firm Ennsub Group has raised a £1.5million loan to help it expand its engineering capacity in deepwater winch technology.
The Aberdeen firm got the backing from the Scottish Loan Fund, which was set up by the Scotttish Government in 2011 for firms having difficulty accessing traditional bank finance.
Ennsub, which was founded in 2012, will also use the backing to expand its assembly capacity and its workforce.
SLF said that it backed Ennsub because “subsea activity remains strong as the operating and maintenance of existing equipment is still vital” despite the oil price crash.
Chris Cooper, investment manager at Maven Capital Partners which manages the SLF, said: “Ennsub is an excellent example of a business with market leading technologies which is ideally suited to take advantage of flexible, long term captial the Scottish Loan Fund can provide”.
He added that directors and founders Scott MacKnocker and Paul Lavelle have a “proven track record” of innovation and “design excellence”.
Mr MacKnocher said the loan would be used to take the firm “through its next stage of growth”.
“We are confident the subsea industry as a whole is moving into a phase where innovation and efficiency are key drivers and such an environment is one in which Ennsub can thrive,” he added.
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