A SUBSEA construction firm is to expand operations after moving its base in the region.

Modus has forecast a 35 per cent rise in turnover to £10m in the coming year after moving into offices in the newlyrefurbished Beaumont House, in Darlington, from its previous home in the town in Carmel Road.

The company, which was set up in 2008, employs 26 staff and has plans to create more jobs to support its contracts in the offshore wind farm, oil and gas and telecommunications sectors.

Modus operates a fleet of subsea equipment, managed from its marine operations centre in Teesside, and offers a wide range of technical support and surveying expertise to its clients.

Managing director Jake Tompkins outlined his plans for the business when he said: “The first three years of business have seen steady growth, which we aim to extend in the upcoming year from our new headquarters in Beaumont House. The new office will allow us to expand, based upon a culture of innovation and high-quality service to our clients in the subsea industry.

“We are proud to be able to continue our growth in the North-East, where our roots are firmly set and in which our past and present investment has been almost 100 per cent focused, through staff, accommodation, supply chain and our products and services.”

Modus is one of a number of firms across the Tees Valley which includes the Tekmar Group, CTC Marine, Amec and AV Dawson that are building the region’s reputation as a centre of excellence in the subsea sector.

The growing renewables industry has been key to driving growth among subsea firms, and a Government announcement last night aims to offer further support. Business Secretary Vince Cable set out his plans for the world’s first dedicated Green Investment Bank (GIB) to support low carbon projects from next April.

Sectors likely to be eligible for support include offshore wind, non-domestic energy efficiency and waste.

The Government committed in the 2011 budget to make a £3bn investment in the GIB by 2015 to back developments which the private sector cannot adequately finance.

Mr Cable said: “In this way, the bank will mobilise projects significantly in excess of the Government’s contribution.

We estimate that, by the end of this parliament, the GIB could mobilise an extra £15bn of private investment.”

The bank requires approval from the European Commission before it can be fully established.