Tyrone engineering company Decom has announced that it has secured a pipeline of multi-million pound global contracts.
The announcement comes after the business raised follow-on investment from Co-Fund NI and HBAN, which will fund operations over the course of the next 14 months, including projects in Thailand, Malaysia and Canada.
The company, which recently opened a base in Aberdeen has developed world first technologies in pipe cutting and coating removal which provide greener, faster and safer solutions for decommissioning in the energy sector.
Decom was founded by Sean Conway alongside his father and brother in 2012 and currently has a team of 14 highly qualified staff that provide green decommissioning solutions to the oil and gas industry, improving safety, efficiency, and environmental impacts across the globe.
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Decom’s innovative patented subsea and offshore cold cutting saws aid in the decommissioning of old or unused oil and gas pipes into a useable product, saving hundreds of tonnes of scrap steel from being produced each year, massively reducing the industry’s carbon footprint.
Decom Engineering has previously secured £2m of investment from Co Fund NI, HBAN and private investors. By investing over £700,000 in R&D, and with R&D support from Invest Northern Ireland, it has developed innovative new technologies and products to replace the traditional pipe cutting and coating removals processes, saving time and reducing waste and CO2 emissions during the decommissioning of old oil and gas plants and pipelines.
Sean Conway, Founder and Managing Director of Decom Engineering said: “We’ve invested heavily in our R&D so it’s extremely exciting that we’ve now reached the point where we have such as strong pipeline of work. We’re delighted to secure the funding to get our products out in the field and demonstrate how this technology will transform decommissioning in the energy sector.”
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Decom Engineering has utilised investment up until now to fund business growth, including the recruitment of additional staff, increased marketing activity, additional manufacturing of existing products and business development.
Invest NI’s R&D support is partly financed by the European Regional Development Fund under the EU Investment for Growth and Jobs Programme 2014–2020.
Co-Fund NI is part of Invest NI’s Access to Finance portfolio and part funded by European Regional Development Fund under the EU Investment for Growth and Jobs Programme 2014-2020. Clarendon Fund Managers manages Co-Fund NI.
Source: Written from press release.
