ENGINEERING company CTC Marine Projects is planning to treble its turnover to £100m and create 50 jobs.

The firm, which was recently acquired by a Norwegian company for £70m, has begun an expansion programme, which has already seen its workforce grow significantly in the past year.

CTC is planning to move into bigger premises in Darlington and take on an additional 50 office staff, which will take the number of employees in the town to about 150.

The company, which employs nearly 200 people across the group, including 12 staff at its offshore yard on the Tees, specialises in the provision of subsea services in the global oil and gas sector, such as digging trenches and installing pipelines, flowlines and cables.

It also plans to expand its capabilities with the purchase of equipment, and has already spent £11.2m on a jet-trenching vehicle and carousel.

CTC was acquired by DeepOcean ASA in September. At the time, Charles Tompkins, chairman and majority shareholder of CTC, acquired a significant shareholding in DeepOcean and joined the DeepOcean board.

The move was designed to bring corporate strength to CTC to make it the world leader in digging trenches and laying cables.

Its growth plans have also been given a boost with a £250,000 Selective Finance for Investment (SFI) grant from regional development agency One NorthEast.

Daryl Lynch, finance director of CTC, said the company could look to the future with great optimism.

He said: "The deal with DeepOcean resulted from a shared vision by two companies with entirely compatible services to become the world's leading second-tier contractor.

"The SFI grant award gives CTC the confidence to undertake the project, which will consolidate the company's position in Darlington, allowing CTC to take the next step in its growth plans, with turnover approaching £100m per annum forecast within three years."

Ian Williams, head of business products at One NorthEast, said: "The subsea sector has a major part to play in the future development of this region, so it's fantastic that One NorthEast has played such a major role in this announcement."

Richardson Hall Kennedy's (RHK) corporate finance team helped CTC secure the grant and is working with the firm to help it expand.

Michael Cantwell, RHK corporate finance manager, said: "We are currently advising CTC on securing funding for its next major project, to further develop its offshore base on the River Tees."