18 August 2008

Plane Sailing As Derry Firm Goes Nautical

Particularly appropriate, given torrential rain and extensive flooding across Northern Ireland at the weekend, a Co Londonderry company has taken the plunge to assemble and sell a new range of ASIS Rigid Inflatable Boats (RIBs).

The RIBs are imported as 'open boat shells' and the engines, consoles, seats, dive tank rails and electronic equipment are fitted by North Atlantic Rib Marine in Derry to suit customer applications.

The company, which was set up in November 2007 by Francis O'Loughlin and his two sons, Joseph and Dominic, has acquired the distribution rights for Europe from Solico Trading, based in Dubai, the manufacturer of the boats.

Francis O'Loughlin, an experienced engineer, owns Carnlough Developments while his sons, Joseph and Dominic, already run Oakfield Engineering, a successful business formed in 2001.

The company, which is being assisted by Invest Northern Ireland, also provides a consultancy service to advise customers on the onboard design, layout and servicing of boats

Announcing support for the new company, which is investing over £250,000 to develop the business, Des Gartland, Manager of Invest NI's North West Regional Office in Derry, said: "This project represents an important diversification for the owners of established and successful businesses in the North West.

"It is a high growth project aimed clearly at export markets and offers key benefits in terms of increased turnover, particularly outside of Northern Ireland.

"The company currently employs three people and the project is expected to create five new, quality jobs by 2010, and to drive exports to 92% of sales over the next two years," he said.

Outlining the company's plans, Frances O'Loughlin said: "Our decision to move into the boat business was made following extensive market research for an export product that could be assembled and supported from our base in Derry.

"We identified an opportunity to grow our business through an agreement with Solico to provide a successful sea-going boat which is popular in the leisure and sporting marine industry.

"The RIB market is now the fastest growth area of the leisure boat market and accounts for 60% of all leisure boats bought in the UK," he said.

There will also be an important spin-off for Oakfield Engineering in terms of engineering work on the design and manufacture of a trailer for each boat and for the maintenance of the vessels.

(BMcC)