A Darlington business which has developed innovative systems for laying and removing subsea pipelines has completed a £185,000 funding round backed by NPIF – Mercia Equity Finance, which is managed by Mercia Fund Managers and part of the Northern Powerhouse Investment Fund, along with the senior management team.
Laytrix was founded last year by Andrew Stevenson, who is also CEO of marine engineering consultancy Ardmore Craig. The new business will develop equipment for the offshore industry and the funding has allowed it to bring its first two systems to market.
Laytrix’s products – one for laying pipes and cables and the other for decommissioning them – greatly reduce the time and cost involved in carrying out the work. Designed for use in shallow waters including parts of the North Sea, they can be transported by road and attached to any flat-back support ship within 24 hours, removing the need to use specialist vessels which are costly and have to be booked well in advance.
As part of the investment deal, the company has also appointed Gary Hogg, the former COO of Global Maritime as a Non-Executive Director. Gary brings a wealth of technical expertise and international business experience to support the company as it looks to develop a client base, both within the North Sea and further afield including the Middle East and Far East.
Simon Crabtree, Investment Manager with Mercia Fund Managers, said:
“Andrew has a wealth of experience in designing and producing engineering systems on behalf of offshore sector clients. Laytrix will allow him and his team to develop their own branded products to market directly to the industry. The new systems allow for rapid mobilisation and address cost pressures in the industry and have already attracted interest from potential users. This investment will help fund the design and bring the products to market.”