Subsea specialist secures second investment

A North East subsea company is set to accelerate its growth plans with the help of a second investment from UK Steel Enterprise (UKSE), the Tata Steel business-support subsidiary.

Hartlepool-based Wavecon, which designs and manufactures subsea connectors and cable harnesses for remotely operated vehicles used in oil, gas, renewables and other offshore industries, has received a second five-figure unsecured loan from UKSE.

Bosses say the cash will enable Wavecon, founded in 2021 by Wayne Pullen and David Stout, to double its manufacturing and assembly team, as well as invest in capital equipment to automate production and boost its stock levels.

The company, which recently moved to a larger premises to support its growth, has seen significant demand for its innovative subsea products, particularly its in-house designed metal shell electrical and fibre connector range, launched last year and now accounting for over 50 per cent of Wavecon's revenue.

Wayne said: “We are expecting 2025 to be a very busy year, and to keep up with demand we plan to double our highly skilled manufacturing and assembly team within the next few months.  

“Demand is growing from key sector players in our domestic market, which currently makes up about 40 per cent of our activity, as well as our international market in Europe, the USA, Mexico, APAC region and the Middle East. 

“This second UKSE investment is helping us purchase the equipment we need to expand the range further and to increase our stock as turnaround times can be crucial for our customers.  

“UKSE stepped forward to back us with an initial investment when the business was less than a year old and have provided valuable support ever since.”  

Peter Taylor, UKSE’s business development manager, added: “Having supported Wavecon from its early days with funding it has been really rewarding to see the company grow and become a leading name in the subsea sector.  

“They are a highly specialised business creating jobs and making a real contribution to the economic growth of the North East and we look forward to our on-going relationship.”

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