16th November 2018
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Ocean Kinetics expansion to create 21 jobs

Engineering firm Ocean Kinetics is to embark on a £1.1 million expansion project creating 21 full-time jobs.

The move will see the company expand its local workforce by nearly a third.

Seventy-three people are currently employed by the business, which is based at Gremista in Lerwick.

Extensive training and development of staff will occur over the next three years, as well as the installation of a new management information system.

Nearly half of the funding for the expansion project is to be footed by the Highlands and Islands Enterprise (HIE) which will contribute £420,000 towards the plans.

Managing director John Henderson said: “We have expanded our business since moving into our new building and this project aims to extend our operations and further increase our turnover, capacity and staffing numbers over the next three years.

“By providing an innovative one-stop-shop for engineering services, we will be able to offer a single source efficient and cost effective solution to clients. We also plan to further expand our work offshore and internationally.”

Katrina Wiseman, head of business growth for HIE in Shetland, said: “Ocean Kinetics have real ambition to grow the company and create fantastic employment opportunities in Shetland.

“They have an innovative approach to providing engineering services to a wide range of customers across the UK and beyond, with a strong focus on quality.”

Ocean Kinetics was founded in 1992 and has become a leading figure in engineering, fabrication, marine repair and manufacturing. The company has grown its operations into mainland UK and overseas.

7 comments

  1. Gordon Taylor

    Why does a company which recently published a post tax profit of 1,114,123 GBP over an 18 month period require a further injection of public funding? Perhaps the HIE should consider the detrimental effect on other businesses in the sector which results from such large and frequent grant awards to a single company.

    Reply
    • Stuart Paton

      Gordon,
      If the HIE grant is creating 21 local jobs + the knock affect on to other industries, what is the problem ?
      HIE is an open and transparent organization any local business can apply for grant funding.

      Reply
    • Steven Jarmson

      Perhap no one else applied for funding?
      At least Shetland is getting something out of this detrimental relationship Scotland.

      Reply
  2. Gordon Taylor

    Is it going to create 21 new local jobs or is it going to cause further displacement of existing workers and another increase in the use of agency workers from further afield? I am all for company growth but if it is being government funded it should not be at the expense of other companies. Such large sums of money being handed to one firm creates a very uneven playing field.

    Reply
  3. Rachel Hunter

    Mr Taylor, the question of displacement is a valid one, and please be assured we consider it very carefully with every application for funding. I would be happy to discuss your concerns in detail if you would like to contact me at the HIE office in Lerwick. Rachel Hunter, Area Manager, Highlands and Islands Enterprise Shetland Office.

    Reply
    • Gordon Taylor

      Rachel, I would suggest that many people may be interested in how these funds are allocated. From your website –

      “HIE will always be the funder of last resort, so we need to be assured that the applicant has pursued all other potential funding sources. HIE financial assistance will always be the least amount required to allow the project to proceed.”

      So given that most businesses fund growth by reinvestment of profit, again, if a company is as profitable as Ocean Kinetics appears to be, why do they qualify for such large grant awards?

      Reply
  4. John Tulloch

    Shetland overpays handsomely in terms of tax paid versus money back from government, so it’s good to see some money coming back for a change.

    This award exemplifies why HIE remaining independent is so vitally important to Highlands and Islands communities.

    Once the Scottish government completes its aim of centralising HIE, we shall see Ocean Kinetics or, more likely, a mainland-based firm, being awarded the same or more government money to expand their business, only, basing it in Dundee, Montrose, or Aberdeen.

    Reply

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