Ecosse Subsea Systems is expecting to double its turnover in the current financial year on the back of a move into renewables and interconnector markets from its traditional focus on oil and gas.
Turnover is forecast to be between £23m and £25m compared with £12m the previous year, with profit expected to be about £5m up from £704,000 last year.
The company has also grown, with staff totalling 50 compared with 35 previously.
Ecosse managing director Mike Wilson said: “Our traditional revenue streams have been replaced after successful diversification into offshore renewables and interconnector projects, and the company has strong growth opportunities in these areas.
“The next year and beyond looks very promising in renewables, the interconnector market and in oil and gas, where there are some green shoots starting to appear.”
Image: Ecosse Subsea Systems
