In 1991, when Edinburgh-based North Sea Assets plc wanted out of the marine services business, employee Carl Rolaston formed a buyout team and bought the subsidiary engaged in that part of the business. Unfortunately, the two sides could not settle on a sum for the fixed assets. So Rolaston bought just the contacts and contracts owned by BUE (British Underwater Engineering) and changed the name to BUE Marine. Former captain turned co-chief executive, Rolaston says the company’s growth is attributable to the company’s early move into the Caspian Sea region and its ability to stay there, even during volatile times. Maintaining and upgrading support and supply vessels, BUE caters to major oil companies, such as British Petroleum and Exxon, operating in the Caspian Sea. Sales have grown from £1.3m in 1994 to £9.2m in 1997. Venture capital company 3i owns 26% of BUE.
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