Swiss geotechnical engineering and drilling firm Geoquip Marine has secured an offshore development investment from specialist European investment fund Njord Partners.

Njord Partners, which first invested in Geoquip in 2014, made the latest venture after Geoquip witnessed a 100% increase in turnover and a 50% increase in profit.

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Upon completion, Njord Partners co-portfolio manager Arvid Trolle will join the board of directors at Geoquip with immediate effect. Trolle will work with Geoquip CEO Stewart Higginson and executive chairman of the board Andrew Wright.

Higginson said: “This is a highly significant development for Geoquip Marine and is something we have earned due to the skills, diligence, and commitment, especially from all our employees over recent years.

“It is no secret that the oil and gas sector has been hit hard in recent years and has been turbulent globally over this period.

“The latest offshore development investment will be used to support ongoing forward growth plans.”

“Njord Partners stepped in to assist the company with financing at a time when we had been affected by this and since then have seen us grow the business at a phenomenal rate, working with some of the most recognisable international brands in our target markets, including ConocoPhillips, Exxon Mobil, Saudi Aramco, and pre-eminent offshore windfarm developers.”

The latest offshore development investment will be used to support ongoing forward growth plans.

Geoquip Marine founder and executive chairman Andrew Wright said: “Through the investment by Njord Partners the company receives a strong, long-term oriented majority owner, which we already have a lot of experience in working with, and whose interest is truly aligned with the company and other stakeholders.”

Financial terms of the deal were not revealed.