Inspection Verification Bureau (IVB), a Great Yarmouth-based oil and gas verification and inspection company, has won new overseas contracts worth more than $7 million.
IVB said on Monday that the seven new contracts are for work in The Netherlands, Egypt, and the Middle East.
Namely, the contracts entail a €1 million ($1.06M) verification services commission for 24 offshore platforms in Dutch waters, $2 million verification work on three offshore and two onshore developments in Egypt, and a $4 million contract to provide asset integrity systems for a client in the Middle East.
IVB Director Chris Bolton said the falling oil price and shrinking sector had made 2016 a difficult year for the company.
“The next few years will be significantly better,” he added. “The oil price has crept up and will continue to rise slowly, and this has resulted in renewed optimism and an increase in activity.”
IVB added that the falling value of the pound against the dollar and euro had increased the profitability of these contracts, all of which were quoted in one of these currencies.
The company which provides inspection and verification services both onshore and offshore is working towards ISO 17020 accreditation and is now accredited with the ADNOC and ZADCO group of companies based in Abu Dhabi, which makes the company eligible to tender for their work.