FoundOcean reports 51% revenue growth

£17.9m turnover last year for subsea grouting firm

Scottish subsea grouting specialist, FoundOcean, has almost doubled its annual revenue since the beginning of 2011 and has posted a 51% increase during 2012 alone.

Active in both offshore wind and oil and gas, FoundOcean recently provided grouting services at Gwynt y Môr and Thornton Bank III. Upcoming projects include West of Duddon Sands and Nordsee Ost. It has been expanding staff numbers and now employs more than 100 employees.

The company's origins date back to the 1960s, with the establishment of Wimpey Laboratories, a company which led, eventually, to the creation of several important players in the environmental contracting and consultancy sector. Last year, Italian private equity firm Ambienta bought 35% of FoundOcean.

Other offshore wind projects for which FoundOcean has provided grouting services include Walney II, Ormonde and Narec's Blyth Offshore Wind Demo. 

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