Oil services firm Hunting said today it was confident of further growth in 2012 after a rise in profits.
The business, which spent £15million last year on its Aberdeen operations at Badentoy and Fordoun after consolidating from five sites to two, added the booming US shale market continued to drive demand.
Finance director Peter Rose said he expected this to grow faster in 2012 and, after its £508million acquisition of Titan Group last year, the firm was well-placed to benefit from this.
London-based Hunting said new development projects continued to be sanctioned in the UK, despite a fall in the number of active rigs since the UK Government’s tax rise last year, which would maintain activity throughout the year.
Chief executive Dennis Proctor added: “2011 has seen the continued transformation of Hunting, with four acquisitions completed in the year.
“The group has started 2012 on a solid footing as the demand for energy remains firm and, therefore, is well-positioned to deliver a further year of growth.”
Full year revenue for 2011 totalled £608.8million, up 44% from £423.3million in 2010.
Operating profits rose 80% to £81million, from £45million in 2010, while pre-tax profits were up 18% at £38.8million.
Meanwhile, the chief finance officer at Seadrill – the world’s biggest offshore oil driller by market value – has predicted daily rates for rigs will keep rising for a year or longer.
Esa Ikaheimonen added rates for ultra-deepwater rigs could soon break through £381,000 per day.