A North East subsea engineering firm has landed £7.8m investment to fuel growth in its global market.
Blyth-based Pharos Offshore, which employs about 70 people, has received the package from alternative funder ThinCats in a move its CEO said would back ambitious growth plans. Pharos will use the injection to purchase new equipment, adding to its specialist offer which includes remotely operated submersibles.
The firm is looking to acquire trenching systems, cable ploughs and other ancillary equipment to use for contracts around the world, including from its base in Singapore. CEO Phil Walker said: "The market for trenching services is growing at an incredible rate.
