112 58 1
Success Stories
EIC Survive 2024 EIC Survive&&Thrive Thrive 2024
JulyJuly 2024 2024
Story type #service & solutions (main category) #culture, #scale up
Global Maritime
Benefits
Transforming to champion cradle-to-grave offshore projects Ekkehard Stade
Key findings
COO How is Global Maritime thriving? With a renewed business strategy centred around widening the scope of its services, marine, offshore and engineering consultancy Global Maritime is looking to build on a highly successful 2023. Having doubled its sales pipeline throughout the course of last year, the company is now seeking to provide fully integrated solutions for cradle-to-grave offshore projects and has already secured its first full scope contract in 2024. The challenge - In 2023, the focus for Global Maritime was optimisation and transformation. Ironing out the creases of an internal process overhaul that occurred three years ago, the firm was seeking to enhance its headcount and grow its services in all offshore energy markets. Building on that success, the company is now moving into the next phase of its journey, aiming to deliver cradle-to-grave services to the offshore industry – something that had been out of its reach prior to 2024. In an effort to expand capability and reduce skills gaps to support those ambitions, Global Maritime had previously recruited as many as 40 people. However, more than recruiting has been required to make the overall transition a success. The solution - Critically, this latest phase of Global Maritime’s transformation efforts was split into four key categories. First, Global Maritime focused on bolstering its geoscience team – endeavours that have proven successful. With just one member of the company employed in this domain previously, the division now stands at 34 strong. This is despite significant skills shortages in this area, the company secondly having become more proactive in collaborating with recruitment consultants to onboard young, talented professionals and train them for key roles. Third, in the engineering and software business stream, Global Maritime has leaned more heavily into technology, moving away from a fragmented digital solutions strategy through the establishment of an engineering and software team that focuses on developing existing projects to tailor them to client
▸ Sales pipeline doubled. ▸ 20% headcount increase. ▸ First 100% scope project secured in 2024.
needs. As part of this, AI-backed solutions are now in the planning phase – something that the company is hotly anticipating. And fourthly, the organisation has created a new marketing team to establish brand presence in key target markets and verticals, efforts that have been undertaken alongside building capacity in the business development and sales teams. Not only has this served to enhance Global Maritime’s position, but it also provides a coherent strategic mechanism through which the company can easily communicate its one-stop shop and go-to-services offerings to clients. Of course, transformation on this scale doesn’t come easy, and challenges have been encountered along the way. Yet each significant hurdle has gradually and effectively been overcome. Where funding and investment was previously a barrier, this is no longer an issue thanks to a change in ownership. Previously owned by a private equity company until the beginning of 2024, the firm is now in the hands of a financial investor with a long-term view who is more open to providing capital to accelerate growth efforts. Likewise, while skills shortages remain a prevalent, industry-wide issue, attracting talent has become much easier with a trusted recruitment consultant that prioritises the company’s focus on recruiting for value and culture, not just skill. This, combined with expanded capacity in the HR team, has paid dividends. Now, with a clear, enhanced offering, and powerful management team driving a culture of unconditional trust, Global Maritime is excelling again. Thanks to its renewed structure and offering, not only did the firm’s headcount increase 20% in 2023, but its sales pipeline also doubled. Critically, the firm has also been growing the percentage of the business that is wider in scope, rather than fragmented projects. To this end, it secured its first 100% scope project in 2024 – a bearing replacement contract for HyWind Scotland which Global Maritime’s internal skillset complements significantly. Scheduled from April to August, it will involve works across the company’s business streams.
For industry ▸ Build a culture in company that allows to attract and retain talent, not lose it – don’t limit activity to just oil and gas for your talent pool. ▸ Be keen and curious to learn. For government ▸ Develop a stable and consistent energy policy and regulation – remuneration models for offshore wind are a mess globally.
Global Maritime at a glance: Key products and services: specialised offshore consultancy for whole value chain services, traditional energy and renewables and infrastructure projects. Main industries served: ▸ Oil and gas – 50% ▸ Offshore renewable energy – 40% ▸ Others (non-energy): infrastructure – 10% Headquarters: Stavanger, Norway Year established: 1979 Number of employees: 303 Revenue: £45m Revenue from exports: 65%
With such a significant milestone achieved so early in the year, it’s likely that Global Maritime will only continue to stride from one success to another. Indeed, it is likely that the firm’s cradle-to-grave offering will continue to gain major traction through the coming months.