The Scottish Loan Fund (SLF) has invested up to £1.5 million of development capital in the subsea technology and engineering firm Ennsub Group.
Established in 2012, Ennsub designs and engineers a range of specialist equipment including deepwater deployment systems, dedicated subsea pipeline products and pipeline repair solutions for use in the offshore oil and gas industry.
The company headquarters in Aberdeen is supported by an engineering and assembly facility based on Teeside and an expanding engineering capability in Vigo, North West Spain. Ennsub is led by Scott MacKnocher and Paul Lavelle, subsea operators with over 50 years’ experience between them.
The investment from the SLF should provide a significant boost to Ennsub allowing it to continue to develop its engineering design capability particularly in the area of deepwater winch technology. The funding should also enable the business to expand its assembly capacity and workforce in the UK to help support the growth ambitions of the business.
Scott MacKnocher , Managing Director at Ennsub, commented: “We are very pleased to have secured this funding package aimed at supporting Ennsub through its next stage of growth and one which allows us to capitalise on the foundations we have laid over the past two years, particularly in terms of developing industry-leading technologies which meet the needs of our customers. We are confident that 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.”