News / Cash aid for Ocean Kinetics expansion
ALMOST £750,000 of public money is being sunk into the huge expansion plans for Lerwick engineering firm Ocean Kinetics.
The company hopes to create 24 jobs when they open their £2 million state of the art facilities at the town’s Marina Business Park, opposite the power station.
As well as offices, workshops and storage areas, the new energy efficient premises will include a designated training area to bring on apprentices in various trades.
Managing director John Henderson said: “The new facility is part of our growth plan which will allow the company to expand as new opportunities arise, a key element of this is the recruiting and the training of new staff to help alleviate the skills shortage locally.”
Mr Henderson welcomed the financial assistance, £240,000 of which comes from Highlands and islands Enterprise with a further £500,000 from the government’s regional selective assistance scheme. Ocean Kinetics provide a wide range of engineering services to the oil and gas, renewable energy and marine sectors.
With the growth in marine renewables and major oil and gas developments in the region, the company is looking at increased business over the next few years.
Its main customers are BP and Fortum at Sullom Voe Terminal, Aberdeen Harbour Board, Dover Harbour Board and Scottish Water.
It has also recently set up a joint venture in Shetland called ZE1 Global OKL with Lerwick Engineering and Fabrication, Malakoff Ltd and Carisma RCT Ltd, to help it bid for larger contracts which the new premises will assist with.HIE head of business.
Mark Georgeson: “As a community Shetland has many of the required skills and expertise which will be needed to support the next stages of energy development in the North Sea. HIE is committed to continuing to work with our businesses and communities to provide support to maximise these fantastic opportunities.”
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