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Glasgow-based subsea specialist Sulmara has secured a capital injection from BGF, one of the largest and most experienced growth capital investors in the UK and Ireland BGF is investing around $19m in Sulmara, which since its establishment in 2019 has grown rapidly to more than $70m annual revenue, delivering a compound annual growth rate of 61% over the last four years. The investment will support Sulmara’s continued growth trajectory, including further investment in new technologies such as uncrewed surface vessels (USVs), autonomous underwater vehicles (AUVs), next generation geophysical sensors and advanced data products. “The ability to use these advanced systems both alongside and with traditional survey vessels supports improved high-quality data turnaround time while significantly reducing the environmental impact of offshore projects,” Sulmara said. With offices in Glasgow, Aberdeen, Norwich, Houston, Singapore and Taipei, Sulmara is already delivering benefits for major customers including Orsted, Chevron and Seaway7 using remote & innovative systems, and BGF’s investment is expected to enable further complex and low carbon data collection in environments that pose a huge challenge to conventional methodologies. As part of BGF’s investment, Richard Pugh and Davis Larssen will join the board as non-executive directors. |
