The background
Floating offshore wind turbines are located in areas where there is deeper water and higher winds than fixed wind turbine structures, enabling them to generate higher levels of power. They are expected to play a key role in the transition to net zero and the floating offshore wind industry is growing fast around the world. However, very few of the world’s ports have sufficient water depth and assembly quay space to build the huge turbine floaters required and conventional dry docks are not wide enough. Tugdock’s patented marine buoyancy bag technology is a game changing solution. It allows floating dry docks to be delivered by road in modular form and assembled at the port to dimensions far wider than most of the world’s existing dry docks.
The challenge
To get ready to meet this growing demand, the Tugdock team needed to secure investment that would help them set up a new manufacturing facility in Cornwall, grow their team and scale up the company.
When presented with two investment opportunities – an exciting partnership with Sarens, the global leader and reference in crane rental services, heavy lifting and engineered transport, and investment from the Cornwall & Isles of Scilly Investment Fund (CIOSIF) – Tugdock needed to make sure everyone was on the same page.
We helped the team negotiate and document both investments and create a robust framework services agreement with the Sarens team so that everyone is clear on expectations and working practices as the company grows.
The result
With both investment and the new framework services arrangements safely in place, the company is ready to make the most of this global opportunity. Tugdock expects to grow to a circa £10m turnover business over the next three years and we are excited to support them on that journey.
What the client said
“The investment from the CIOSIF and our partnership with large multinational Sarens will accelerate our development, enabling further innovation to keep us at the forefront of the floating offshore wind industry.
“Henry and Rebecca at Murrell Associates have been a fantastic support. Knowing that the legal side was taken care of has been a huge weight off our minds. We felt reassured by the level of detail that they covered and we are very grateful to have them supporting us.”
Shane Carr, CEO of Tugdock
