The awarded projects involve the procurement, fabrication, coating, and testing of subsea structures for various developments located in the Gulf of Mexico.

The acquisition is expected to strengthen Ashtead's product and service offering in the oil and gas and offshore wind markets.

The facility, once fully operational, is expected to create 900 jobs. The grant comes as a crucial step to advance the cable manufacturing project, which received planning approval from North Ayrshire Council in May.

This surge in demand has created a potential threat to the metal supply for crucial sectors which rely on nickel for various equipment applications in demanding environments.

With more than 5,600 members from households and businesses across Scotland, England, and Wales holding partial ownership, the wind farm is expected to generate affordable, renewable energy upon its completion in early 2024.