Hartlepool-formed subsea manufacturer Wavecon secures further investment to boost expansion plans

Founded in Hartlepool, Wavecon 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 business support agency 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 in Peterlee to give it 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 Mr 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.”

He added: “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.”

For details of UKSE’s support for business with finance and premises, see www.ukse.co.uk.