Offshore engineering firm Subsea 7 said yesterday high investment activity in the North Sea and west of Shetland helped to boost both turnover and profits in 2012.
Operators’ multibillion-pound plans for the region had led to several tenders, the group said, adding that it expected this trend to continue in 2013.
The Oslo-listed firm revealed turnover of £4.2billion in 2012, a 20% rise on the previous year, while adjusted earnings before interest, taxation, depreciation and amortisation grew by 16% to £758.5million.
Subsea 7, which employs around 1,500 people at Westhill, near Aberdeen, and about 150 at Wick, said it had a record backlog of work in the pipeline.
Chief executive Jean Cahuzac said: “Tendering activity increased through the year, in particular in the North Sea, Africa and Brazil, reflecting our clients’ ambitious investment plans.
“We remained disciplined in our bidding approach, with a focus on project risk management and profitability, and I am pleased with the quality of our new awards and current level of order intake.”
New deals signed in 2012 included a £185million contract extension with BP for work west of Shetland and a £63million deal with the same operator to build two pipelines for the £4.5billion Clair Ridge project. The contractor also picked up a £60.7million deal to build a 4.6-mile pipeline bundle system – a large pipe containing a variety of other pipes – plus production and gas-lift pipeline and control systems for an unnamed operator in the central North Sea.