Subsea firm Beam collapses with 200 job losses – Daily Business

An offshore and subsea technology firm operating in the North Sea has made about 200 staff redundant and ceased operations after falling into administration.

The job losses at Beam are across its operations in Aberdeen, Edinburgh and its Bristol headquarters come in the same week as another North Sea services firm, Enteq Technologies, called in administrators. It employed about 15 staff in the Edinburgh area.

Beam was formed in September last year through the merger of Rovco, which was founded in 2016, and Vaarst, founded in 2021. 

James Reynolds, wrote in a social media post that all employees had been made redundant.

Helen Batt, VP of marketing at the company, added: “The company that over 200 incredibly talented people gave their all to delivering technology to drive the energy transition is no more.”

Prior to the merger, Vaarst raised a $20m Series B round from In-Q-Tel, Legal & General, Equinor Ventures and Foresight Group. Rovco had raised an undisclosed amount from angel investors, including William Tunstall-Pedoe, the creator of Amazon Alexa.

Technology website Sifted reports that the company was looking to raise more than £100million in late 2024.

According to its most recent accounts submitted to Companies House, Rovco reported a £8.1 million loss before tax in 2023, following an £8.7m loss in 2022.