Aberdeen and Houston based M² Subsea Limited, a recently formed subsea services business, has secured a private equity investment to acquire a fleet of 32 remotely operated vehicles (ROVs).
M² Subsea is set to become one of the largest independent providers of ROV services globally after attracting the investment from a fund advised by Alchemy Special Opportunities.
The recently-established business expects to create at least 50 onshore and 100 offshore jobs operating primarily in the North Sea, Gulf of Mexico, West Africa and eventually Asia Pacific and the Middle-East by the end of 2017.
Mike Arnold, President and CEO of M² Subsea, said: “The time is absolutely right for a new ROV services provider with a fresh approach that can, through experience, expertise, the correct asset base and lean management, dramatically reduce both cost and risk whilst continuing to provide a professional and quality service. Key to this will be the company’s collaboration with vessel owners and operators, helping them to maximise utilization of vessels and offering competitive solutions to meet our clients’ demands.”