The firm carries out diving and maritime engineering maintenance and fabrication work. The company’s offering has grown to include port and vessel maintenance, and underwater welding and survey work.

This latest expansion project will create new jobs, boost productivity and increase capacity and turnover.

The HIE funding will help cover the costs of new state-of-the-art plant and equipment, including a plasma cutter, bandsaw and fixture table. It will also contribute towards a new inhouse painting and coating booth at Shearwater’s industrial site in Sandbank.

The Dunoon area is recognised by HIE as a priority for inclusive growth. Morag Goodfellow, the agency’s area manager for Argyll and the Islands said: “We are working with Shearwater to help them expand their business. The company is an important local employer in Dunoon with clear potential for expansion and an appetite for innovation.

“We’re delighted to be able to offer support for this latest project. It will strengthen the company’s resilience and sustainability and the contribution it makes to the wider local economy, while creating valuable jobs.”

Joe Baird, Shearwater Marine Services operations manager, said: “We are very grateful to Highlands and Islands Enterprise for supporting Shearwater Marine Services as we invest in new technology to increase our fabrication and coating capability and capacity.

“The new equipment will enable us to undertake larger, more complex projects than before and will see us upskill our current staff team, and lead to the creation of new jobs as demand increases.”