Blyth-headquartered seabed intervention and subsea robotics services company Pharos Offshore has secured a £7.8 million funding package from ThinCats to facilitate the purchase of new assets.
The funding package is set to allow Pharos to source additional work-class remotely operated vehicles (ROVs), trenching systems, cable ploughs and other ancillary equipment.
The company stated it is set to capitalize on increasing demand with the funding as its key market sectors are poised for significant growth over the next five years.
The deal was advised by Bridge & York Capital Partners.
“The market for trenching services is growing at an incredible rate. Project success is in our DNA and with this new funding, we will be able to offer our groundbreaking agile solutions to even more clients in their key markets around the world,” Phil Walker , Pharos Offshore’s CEO.
Pharos Offshore has a team of over 70 employees which operate out of the headquarters in the Port of Blyth and strategic business partnership location and equipment storage in Singapore.
The company provides fully manned assets and services across the offshore wind, renewables, oil and gas and telecommunications markets.