Rebrand followed period of uncertainty

Orbital Marine Power was forced to rebrand last year in an effort to encourage private investment, changing its name from Scotrenewables.

Its chief executive, Andrew Scott, cautioned during this period that the sector may be about to “snatch defeat from the jaws of victory” as the removal of UK Government subsidy in 2017 caused a clamour for private investment within the sector.

Without fresh investment, the tidal chief warned that a lack of government support could snuff out the sector.

The McGrath Group headed by Scottish entrepreneur Matt McGrath and Scottish Enterprise via the Energy Investment Fund took a stake in the firm.

Alongside Mr McGrath, Orbital received funding from the European Union’s Horizon 2020 research and innovation programme under the FloTEC project.

The Orbital O2 tidal turbine will comprise a 240ft-long floating superstructure, supporting two one-megawatt (MW) turbines at either side for a nameplate power output of 2MW, at a tidal current speed of 2.5 m/s.

When Texo Group formed in August last year it outlined its ambition to grow to a £100 million turnover company with a workforce of 1,000 across several UK locations.

Texo’s drilling unit won the contract to upgrade the Ensco 100 jack-up rig, which led to more than 160 staff being hired at the peak of the project in Dundee.