Saltire Energy, supplier of drilling tools to the offshore oil & gas industry, has posted its annual results (year end to June 30, 2012) with turnover up nearly 50% from £15million to £21.5million.
Profit for the year before exceptional items grew from £7.7million to £10.7million.
Commenting on the Aberdeen-based group’s results, Chief Executive Mike Loggie said: “The last year has been an exceptional one for Saltire Energy. We expanded our presence in Africa and Norway through the acquisition of some of the assets of OMM, while also increasing levels of business in the Middle East, UK and Europe.
“We invest approximately £10million per annum back into the business to ensure we continue to expand our inventory and have the best equipment, accredited to the highest of industry standards. By doing this, we maintain the excellent reputation the team has built over the years and keep our customers coming back to us.’’
Around 60% of business is now international and the group’s divisions work with all major operators and drilling contractors globally. It has expanded from its headquarters at Portlethen, on the outskirts of Aberdeen, and operates from Europe, the Caspian, the Middle East, Asia Pacific and Africa.
Further major growth is predicted for 2012/13 with turnover forecast to reach £32million.
Loggie added: “We have turned over £8million in Q1 of the current financial year so are well on the way to achieving our targets. Over the coming months, we hope to open a further repair facility in central Europe to service the growing number of customers we have in that region and to continue to strategically widen our geographical reach through our network of bases and agents.
“Our results could not be achieved without having an exceptional team in place who have delivered excellent customer service and flexible support that is valued in the marketplace.’’
Saltire Energy has also maintained its commitment to the community with support for various initiatives including access to sporting activities for youngsters, university scholarship programmes and sponsorship of Open Champion and Ryder Cup hero Paul Lawrie.
Saltire Energy was formed in 1986, has a team of more than 60 staff and an extensive inventory of drilling tools and pipe. Additional staff will be recruited over the coming 12 months as the group continues to grow.
Press Release, January 16, 2013