Pharos Offshore invest in assets to push for major growth following £7.8m funding package

ThinCats the leading alternative lender to mid-sized UK SMEs has provided Pharos Offshore, a seabed intervention and subsea robotics services company with a £7.8m funding package facilitating the purchase of new assets, in a deal advised by Bridge and York.

Originally established back in 2003, Pharos Offshore is the partner of choice for specialist equipment, manpower and engineering in the subsea pipeline, cable installation and burial industry.

Pharos provides fully manned assets and expertise across the 4 major marine markets [Offshore Wind, Renewables, Telecommunications and O&G], working with some of the largest EPCI and specialist installation contractors in the offshore wind and telecoms sectors including DEME, Boskalis, Jan De Nul, Global Marine & SBSS, Van Oord and Seaway 7, contributing to their success across the globe.

A strong track record of safety, service and delivery has underpinned significant growth for the business in recent years. Their team of now over 70 employees operate out of their headquarters in the Port of Blyth, with strategic business partnership location and equipment storage in Singapore, delivering cable projects resulting in the burial of some 160,000km of cable worldwide since 2003.

With its key market sectors poised for significant growth over the next five years, Pharos are set to capitalize on increasing demand having secured a new funding line from ThinCats to invest in their growth and additional deployable asset acquisitions.

Pharos is already the agile and environmentally conscious partner of choice offering flexible customer investment options sourcing, repurposing, and life-extending proven subsea systems. The funding package will allow Pharos to source additional Work Class ROV’s, Trenching systems, Cable Ploughs and other ancillary equipment’s and deploy them across multiple markets.

Dave Parr, Ben Drummond and Rob Thompson formed the funding team at ThinCats and the transaction was advised by John Blanchflower and Warren Daley from Bridge and York. Andrew Fordham, Jen Hanson and Ellen Bower at Addleshaw Goddard provided legal support for ThinCats and MFG Solicitors acted for Pharos.

Phil Walker, CEO of Pharos Offshore commented: “The market for trenching services is growing at an incredible rate. Project success is in our DNA and with this new funding we will be able to offer our groundbreaking agile solutions to even more clients in their key markets around the world. Thank you to Dave, the team at Bridge and York for supporting our vision and backing our ambitious growth plans.”

Dave Parr, director of regional business development at ThinCats commented: “Pharos Offshore has a fantastic record in providing operational excellence and they have built a strong reputation within the industry. With this investment they are extremely well positioned for further success within rapidly growing markets.”

John Blanchflower, Bridge and York commented: “B&Y has enjoyed working with Phil and his team at Pharos for the last 5 or so years and providing funding at strategic intervals as Pharos developed its market presence. B&Y saw the growth potential of Phil’s vision and are delighted to have been an assistance in this significant phase of Pharos’ growth.”

By Mark Adair – Correspondent, Bdaily