Oilfield service company ROMAR International has announced its 2012 financial results showing the turnover exceeded £4 million from £2.5 million in 2011.
The growth comes on the back of a successful year for the company in which- it secured a multimillion pound contract extension with major operator Total. ROMAR plans to continue the success of its current product lines and aims to increase revenue by 25% over the next 12 months.
In 2012, ROMAR entered into two year representative agreements with US agent Deepwater Rental & Supply, (worth £945,000) and global agent, STEP Oiltools, (valued at £650,000). STEP Oiltools promote ROMAR’s range of magnetic separation products within South East Asia, a key region for ROMAR.
Commenting on the results, ROMAR International commercial director, Robbie Gray said: “2012 has been ROMAR’s most successful year to date; we achieved profits which were 25% ahead of our business plan. Our continued growth reflects our dedication to the standard of products we provide our clients and the commitment of our staff.
“We outlined a plan of ambitious growth for 2012, and have stuck to it with key service contract extensions and revenue from our agent agreements.
“Our staff numbers have risen from 15 to 20 this year and we plan to expand this by a further five to six in the coming months. In December last year, we appointed an international business development manager to focus on business opportunities in the Middle East, North Africa and India; this is in line with our on-going strategy for international development.
“Last year, we increased our R&D spend by 150% to expand our range of magnetic separation technologies and we invested heavily into building our in-house capabilities. We are happy that the company continues to grow and look forward to a successful 2013.”
ROMAR’s core business is in the provision of magnetic separation products and services for the offshore oil and gas industry. ROMAR’s patented range of en-mass magnetic separation products are the only technologies of their kind currently available to the offshore oil and gas industry and underpin ROMAR’s position as the number one market leader in this sector.
Since 2001 the company has grown in size and currently trades in many oilfield industry provinces including the UK and Norwegian North Sea, West Africa, Gulf of Mexico, SE Asia and South America. Its success is reinforced by its ability to set up strategic partnerships in regions where ROMAR’s products will be well utilised.
Press Release, January 18, 2013