Craig Group Reports ‘Healthy’ 2012 Results (UK)

Craig Group Reports High Income (UK)

Aberdeen head-quartered global shipping and energy services firm, Craig Group, has announced results for the year ending April 2012.

The privately owned, family-run business has reported turnover of £123.3 million with operating profits of £14.8 million.

This is an increase on their 2011 turnover of £11.4 million and a £1.7 million increase on operating profit from the same time period. EBITDA has risen from £19.1million in 2011 to £21.3millionin 2012.

The group, whose core activities are the provision of offshore support, ROV survey, emergency response and rescue vessels (ERRVs) and oilfield procurement, provides employment for around 1,000 people.

Craig Group managing director, Douglas Craig, said: “We are pleased to report healthy results across all three divisions for 2011/2012. The UK oil and gas sector continues to flourish in what is still very much a fragile economic period and as a result we have been able to invest in vessels, people, premises and services.”

Capital expenditure in the year of £28.4 million was mainly invested in the continued modernisation of the fleet which is the largest British wholly-owned fleet engaged in the UK offshore industry.

“The total investment of £215million in new vessels since 2003 has given us one of the safest and most modern fleets operating in the North Sea which has helped us secure new business, attract the best maritime skills, improve safety and reduce our impact on the environment.”

The fleet is operated by group division, North Star Shipping, who saw its turnover increase by 9.7% to £80.3 million. Four new vessels were completed during the calendar year in 2012 creating 100 jobs in the marine industry.

Turnover at Craig International Supplies (CIS), the group’s oilfield procurement division, also rose by 10.3% from £34.1 million to £37.6 million.

Craig added, “We are particularly excited by the potential of CIS’ global strategy, which will see the procurement division moving into new markets including West Africa, Central Europe and Australia over the next year.

“CIS has firmly established itself as a market leader in procurement and supply chain solutions. Its unique on-line procurement catalogue – ebuy, meets customers’ requirements to consolidate the buying process through e-commerce.”

The group continued to pursue its corporate social responsibility strategy with donations to charities and other causes totalling £375,000 in 2012.

Craig said: “Our corporate social responsibility activity is centred around supporting young people and the disadvantaged in the areas of education, the arts and sports. This underlines our commitment to the communities in which we operate.”

The Craig Group remains one of Scotland’s top 100 companies and in the top 15 of offshore service companies in the North Sea. Its divisions operate in Europe, Africa and the US in the areas of offshore support, ROV survey, emergency response and rescue vessels, oilfield supplies and leisure.

Press Release, November 15, 2012

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