Merseyside Maritime Business to Support New Wind Farm Projects

14th April 2009

A Merseyside maritime business is gearing up to undertake part of a significant project to develop a series of new wind farms which are to be built offshore between Anglesey and the Isle of Man.

Wirral-based Osiris Projects is one of the UK’s leading independent specialists in coastal seabed mapping and geophysical surveying. The company will begin work in the summer on behalf of a number of developers. Osiris will carry out a survey of the seabed in order to understand the geological make up of the development site and provide a detailed underwater map so that engineers can begin work.

The project is in response to the government’s drive to use wind and tidal power and other sources of renewable energy in order to reduce CO2 emissions. The government aims to generate 10% of the UK’s total energy by 2010 using renewable sources, rising to 20% by 2020.

Osiris was set up in 1997 by managing director Andrew McLeay and co-director James Walters. Since then the company has expanded considerably, recently securing significant funding totalling almost £2m including a loan from Alliance Fund Managers (AFM) through the MSIF Small Firms Fund, directors’ own investment and asset finance facilities. The funding has enabled Osiris to add a further vessel to its fleet and invest in new equipment which will be used in the wind farm project. The company will also shortly relocate to larger premises nearby.

Clients include industry giants Shell, Eon, NPower and Centrica. In addition to its work on renewable energy ventures, Osiris has also worked on North Sea oil rig decommissioning projects, oil pipeline surveys and marine debris searches.

Mr McLeay said: “We are delighted to be working on this project. Not only is it great for our business it will also have a positive impact on other businesses within Merseyside’s maritime industry.

“The length of time which will be spent at sea and the type of work we are carrying out on these offshore developments meant that we needed to find a larger specialised survey vessel. We found an ideal boat through local maritime contacts but needed to fully refurbish and modify it to adapt it for the job and commissioned local shipbuilding business - The Mersey Heritage Shiprepair Company to carry out this £500k contract. Where possible we will keep any future outsourced work here on Merseyside”.

“AFM has been very supportive and has played a key role in keeping our plans on track during these difficult times where traditional bank loans can no longer be guaranteed”

AFM investment manager Paul Humphray said: “Osiris has built up an excellent reputation and impressive client base. The government and EU are very focused on renewable energy production in a bid to ensure long term reduction of CO2 emissions and this will create good opportunities for this business. The company’s focus on helping to support and develop the local maritime industry is commendable. We were really pleased to be supporting this business. Osiris’s focus on helping to sustain the local maritime industry is really commendable. We look forward to continuing to work with the company.”

Osiris has increased its workforce from 8 - including contractors, 3 years ago to 25 permanent staff and some 8 contractors now. This figure is expected to increase again to over 30 during the next 18 months. Turnover has more than doubled from 2 years ago to around £4.5m and this is expected to rise to £6m over the next 2 years.

Ends

For further information please contact Angela white at Alliance Fund Managers on 0151 242 6376.

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Photo shows L-R James Walters (Osiris) Paul Humphray (AFM) Andrew McLeay (Osiris)

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