Teesside offshore equipment company secures five-figure investment with hopes of expansion
Hartlepool-based offshore equipment firm Wavecon has recieved an unsecured loan from Tata Steel’s business-support subsidiary UKSE.
The loan will aid in the purchase of capital equipment and following the cash-injection, Wavecon hopes to create five new jobs for engineers and skilled operatives.
Wavecon specialises in the design and manufacture of cable harnesses and electrical and control system equipment for remotely operated underwater vehicles and trenching vehicles used by offshore operators in the oil, gas, renewable and other sectors.
The company was established in the beginning of 2021 by Wayne Pullen and David Stout.
Wavecon co-founder Wayne Pullen said: “We were able to identify that there was a real gap in the market for a local supplier.”
Wayne Pullen added: “Reliability is vital for such a harsh environment, which is symptomatic of this sector, as is short lead time demands. All of which directed our key USPs which are to provide high reliability products within a short time frame and with no minimum order quantities.”
Peter Taylor, business development manager for UKSE said: “Wavecon has a strong and well-connected management team with considerable expertise in this thriving sector. They saw an opportunity to lead this field in the region and we look forward to seeing the company expand and create valuable jobs.”
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