Aquaterra Energy planning expansion
A Norwich-based offshore engineering company, launched little more than a year ago with a five-strong team is planning major expansion in 2007. A Norwich-based offshore engineering company, launched little more than a year ago with a five-strong team is planning major expansion in 2007.
Aquaterra Energy, which has achieved sales of more than £6 million in its first 12 months, now boasts a staff of more than 20 and in the spring will expand into larger new offices near Norwich Airport.
“We knew we were moving into a niche market with great potential but the first year has proved beyond our wildest dreams,” said chairman Mark Boyd, who founded Aquaterra at the end of 2005.
“But we believe this is just the beginning and expect to see the business continue to develop and grow in the months and years ahead.”
Boyd also founded Team Drill in 1987 and UWG in 1989.
In its first year, Aqua-terra Energy said it had provided products and services to 15 offshore operators in more than 10 countries worldwide.
It also reported a productive year in terms of innovation, with the design of its Sea Swift low-cost platform system generating seven patent applications.
It introduced the Aqua-scope 500 subsea/downhole camera system in early 2006 and has since launched a range of products including the fast-connect PDQ tool used in the deployment of large subsea structures.
Boyd believes that one of the few barriers to long-term success for Aquaterra is a need for more skilled staff in the industry.
“The doom and gloom about the future of the offshore industry meant that many youngsters had sought to develop other skills,” said Boyd.
“Now the resurgence of interest in oil and gas exploration and production has led to a shortage of qualified people.”
This led the company to introduce a successful summer placement scheme and a graduate training programme to help tackle the skills gap.
Aquaterra’s other core business activities include drilling templates, tieback engineering, conductor centralisers, riser analysis, specialist rental tools, slot recovery systems, cement top-up and subsea camera systems.