Legasea lands £250K loan to expand subsea reuse business into Angola
What's the deal? LegaseaDealroom has a profile for this one. Try Dealroom →, an Aberdeenshire subsea specialist, has secured a £250,000 loan to fund international expansion and new hires. The debt came from the British Business Bank's Investment Fund for Scotland, delivered by fund manager The FSE GroupDealroom has a profile for this one. Try Dealroom →.
What does it do? Founded in 2018, Legasea extends the life of subsea equipment used across the energy sector. Its circular approach recovers, refurbishes, tests and recertifies electrical, hydraulic and mechanical components for reuse rather than scrapping them.
What's the money for? The company plans to grow its workforce from 25 to 30 employees in 2026 and strengthen its Aberdeenshire facilities. It is targeting £15 million in revenue by 2030.
The expansion: Legasea is establishing a new base in Luanda, Angola, responding to demand from ageing offshore subsea assets that need servicing and replacement parts. It is also eyeing Australia, South-East Asia, the Gulf of Mexico and Brazil.
Why it matters: "There is significant value in equipment that is often overlooked, and we've shown that it can be refurbished and reused safely and effectively," said co-founder and managing director Lewis Sim.
The signal: The backing comes through the £150 million Investment Fund for Scotland, set up by the British Business Bank to widen finance access for smaller firms. Support from a state-backed lender points to growing appetite for circular-economy models in an energy supply chain still reliant on newly manufactured equipment.
Read more: Bdaily
Image credit: nenadstojkovicart
