COOKSTOWN engineering company Decom says it has secured a pipeline of multi-million pound global contracts on the back of receiving a second cash injection from the Co-Fund NI and HBAN pots.
The follow-on investment will help Decom fund operations over 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.
Founded by Sean Conway alongside his father and brother in 2012, Decom currently employs 14 highly qualified staff providing green decommissioning solutions to the oil and gas industry, improving safety, efficiency, and environmental impacts across the globe.
The company’s innovative patented sub-sea 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.
Its Pipe Coating Removal (PCR) equipment can strip and clean decommissioned or surplus pipelines of multiple coatings so they can be repurposed for use on other projects, while its range of cold cutting saws are in demand on international decommissioning projects as oil and gas operators replace or remove ageing infrastructure and redundant assets.
Decom Engineering has previously secured £2m of investment from Co Fund NI, HBAN and private investors.
By investing more than £700,000 in R&D, supported by Invest NI, 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 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.”
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.
Ian Bailey HBAN business angel and chairman of Decom, said: “It’s fantastic to see Decom Engineering take its product to market with this follow-on investment, particularly with the skills and knowledge from these particular backers.
“The importance of guidance and advice from businesspeople who have grown companies in global markets can’t be underestimated and we hope to continue to support the Decom leadership through this period of growth as they dive into new possibilities.”
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.
HBAN (www.hban.org) is a joint initiative of Enterprise Ireland, InterTradeIreland and Invest NI dedicated to the all-island promotion of business angel investment.
