Peterhead-based firm wins £7m in new contracts

Derek Smith of Maritime Developments Ltd.
Derek Smith of Maritime Developments Ltd.

Specialist back-deck equipment provider Maritime Developments, which has a base in Peterhead, has won contracts worth in the region of £7m and broadened its product portfolio.

The company, which supports subsea industry operations worldwide, has secured the first order for its innovative portable overside vertical lay system (PVLS) from a leading installation contractor.

Maritime Developments will deliver a bespoke vertical lay system tower along with a 4-track tensioner to support a major North Sea field development.

The business has also delivered a package of ten winches, ranging from five-tonne to 40-stonne specifications, for an international client.

It is the third winch package provided to the client to support product handling at a number of locations around the world, with a fourth scheduled for delivery later this year.

Commenting on the contracts, the company’s chief executive, Derek Smith, told the Buchanie: “These orders exemplify the growth we have experienced within the business in recent years, and highlight our commitment to build long-term relationships with clients who recognise the rigour and professionalism we apply to everything we do.”