Subsea company secures second UKSE investment

January 9th 2025

A North East company that has made its name as a leader in the subsea sector is looking ahead to yet more growth with the help of a second investment from UKSE, the Tata Steel business-support subsidiary.

Wavecon Ltd designs and manufactures subsea connectors and cable harnesses for remotely operated vehicles used by offshore operators in the oil, gas, renewables and other industries.

Demand for its subsea product range increased significantly during 2024 when the company introduced its metal shell electrical and fibre connector range to the market. Fully designed and manufactured in-house, these connector ranges enhance stock management resulting in competitive pricing and lead times. The range now accounts for more than 50% of its revenue.

The second five-figure unsecured loan from UKSE has helped Wavecon purchase vital capital equipment to automate production and increase its stock levels. UKSE provided a similar investment soon after the company was set up by Wayne Pullen and David Stout in 2021 in Hartlepool.

Wavecon has now moved to larger premises to give them the additional design and manufacturing capability they needed and have invested in the latest manufacturing technology and test equipment.

“We are expecting 2025 to be a very busy year,” said Wayne Pullen, “and to keep up with demand we plan to double our highly skilled manufacturing and assembly team within the next few months. Demand is growing from key sector players in our domestic market, which currently makes up about 40% of our activity, as well as our international market in Europe, the USA, Mexico, APAC region and the Middle East.

“The subsea industry has its roots in this region, and we are proud to be a part of it. We are the only North East company designing, manufacturing and supplying high quality subsea connectors and the type and size of projects we are completing has expanded significantly since we developed the connector range.

“This second UKSE investment is helping us purchase the equipment we need to expand the range further and to increase our stock as turnaround times can be crucial for our customers. UKSE stepped forward to back us with an initial investment when the business was less than a year old and have provided valuable support ever since.”

Peter Taylor, UKSE’s Business Development Manager, said: “Having supported Wavecon from its early days with funding it has been really rewarding to see the company grow and become a leading name in the subsea sector. They are a highly specialised business creating jobs and making a real contribution to the economic growth of the North East and we look forward to our on-going relationship.”

PICTURE CAPTION: (From left): David Stout and Wayne Pullen of Wavecon Ltd with Peter Taylor, UKSE’s Business Development Manager.