Legasea nets backing to drive growth

Legasea is targeting international growth and new jobs following a £250,000 funding boost.

Aberdeenshire-based Legasea has secured funding from the British Business Bank’s Investment Fund for Scotland, delivered by fund manager The FSE Group, to support expansion into new overseas markets.

Bosses say the company plans to grow its workforce from 25 to 30 employees this year while strengthening its Aberdeenshire facilities and establishing a new base in Luanda, Angola.

They add the investment will provide additional capacity at the company’s Aberdeenshire operations as its workforce and international customer base grow, with rising demand supporting ambitions to reach £15 million in revenue by 2030.

Lewis Sim, co-founder and managing director of Legasea, said: “We started Legasea to take a more practical and efficient approach to how subsea equipment is handled at the end of its original life. “There is significant value in equipment that is often overlooked, and we've shown that it can be refurbished and reused safely and effectively. 

“This investment will help us grow our team, build on our progress in Angola, and support more clients looking for a better solution.”

Founded in 2018, Legasea provides engineering services focused on extending the life of subsea equipment used across the energy sector.

Its circular approach sees electrical, hydraulic and mechanical components recovered, refurbished, tested and recertified for reuse rather than being scrapped, helping operators reduce costs and their reliance on newly manufactured equipment.

Legasea has already begun establishing its Angolan operation in response to demand generated by ageing offshore subsea assets requiring servicing and replacement parts.

Further international growth is being targeted across Australia, South-East Asia, the Gulf of Mexico and Brazil.

Patrick Burke, investment manager at The FSE Group, said: “Legasea is a strong example of a business bringing a new approach to a well-established industry. “The team has built a solid track record, with a growing client base and clear demand for its services. “This funding will help the business scale in a measured way, including entering international markets and increasing capacity, and we're pleased to support them as they continue to grow.”

The £150 million Investment Fund for Scotland was established by the British Business Bank to increase access to finance for smaller businesses, supporting innovation, job creation and sustainable economic growth.

Sarah Newbould, senior investment manager at Nations & Regions Investment Funds, the British Business Bank, added: “Through the Investment Fund for Scotland, we’re committed to helping ambitious Scottish businesses access the finance they need to invest and scale. 

“Legasea’s plans to create skilled jobs, strengthen its presence in Aberdeenshire and expand into international markets are exactly the kind of sustainable growth we want to help unlock. “We look forward to seeing the positive impact this investment will have on the business, its customers and the wider Scottish energy supply chain.”