Aberdeenshire-based subsea equipment specialist Legasea is growing its team from 25 to 30 employees this year and establishing a new base in Luanda, Angola, backed by a £250,000 loan from the British Business Bank’s Investment Fund for Scotland.
The funding, delivered by appointed fund manager The FSE Group, will support Legasea’s expansion into international markets including Angola, Australia, South-East Asia, the Gulf of Mexico and Brazil, strengthen its Aberdeenshire facilities, and grow its team as demand for its subsea equipment recovery and reuse services continues to rise. The company is targeting growth to £15 million in revenue by 2030.
Founded in 2018, Legasea provides engineering services that extend the life of subsea equipment used in the energy sector. The company recovers, refurbishes and recertifies components that would otherwise be scrapped, helping operators reduce costs while making better use of existing assets.
Legasea works across electrical, hydraulic and mechanical systems, offering a full service from equipment recovery through to testing and recertification. Its approach is built around a circular model, in which equipment is cleaned, dismantled and restored for reuse, supporting ongoing operations and reducing the need for new manufacturing.
As part of its international growth plans, Legasea has begun establishing a base in Luanda, Angola, having seen significant demand for its services offshore Angola driven by ageing subsea assets requiring servicing and the proactive provision of replacement parts.
The company is also targeting further expansion into Australia, South-East Asia, the Gulf of Mexico and Brazil.
Lewis Sim, co-founder and managing director of Legasea, comments: “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.”
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 subsea and offshore services market continues to grow, driven by demand for maintenance and decommissioning of existing assets. At the same time, operators are under increasing pressure to manage costs and reduce environmental impact. Legasea’s model is well aligned with these trends, providing a practical alternative to the traditional approach of disposal and replacement.
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.”
The purpose of the British Business Bank’s £150 million Investment Fund for Scotland is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across Scotland. The fund will increase the supply and diversity of early-stage finance for smaller businesses, providing funds to firms that might otherwise not receive investment and helping to break down barriers in access to finance.