Soil Machine Dynamics (SMD) is targeting to exceed £100m turnover within five years.
To reach this goal, it is focussing on the electrification of its vehicles, such as the Quantum ROV, to support offshore wind projects.
The company also has ambitious recruitment targets and plans to expand its innovation and services arms with two new facilities that will be based in the north east of England.
Branching into a more service-led model is key for SMD and it recently announced a framework agreement with client Van Oord, whereby it not only supplied equipment for an offshore wind project in Taiwan but was also on hand 24/7 to repair and maintain the vehicles.
Given the challenging conditions in the emerging territory, this was vital in reducing downtime to ensure the project was completed within the client’s operational timescales, SMD said.
Chairman of SMD Mike Jones (pictured) said: “We have been around for over 50 years now and have weathered many storms including the dot com crash and more recently, the pandemic.
“What has helped our continued growth has been our focus on innovation and that has undoubtedly been because of our talented people.
“Last year our turnover was £58m, inclusive of our Shanghai operation, and we have confidence that we can double that by 2025.
“We are proud to be based in the North East and especially on the Tyne and that won’t change.
“As we move forward and start to cement our service offering, we are planning on opening a dedicated customer service centre and will need new people to support our clients.
“In addition, we want to open an R&D facility and will need engineers and software developers to shape the future of SMD’s products and services.”