The chairman of hazardous-waste management firm Augean, Jim Meredith, said yesterday he believed a majority stake in an Aberdeen-based joint venture would drive future growth.
Augean North Sea Services (ANSS) was launched by West Yorkshire-based Augean and oil and gas service firm Scomi Oiltools last year.
It was specifically created to serve the North Sea oil and gas industry.
Augean invested £3.05million in its 70% stake and the company said yesterday the early results had been encouraging.
“The new business operated successfully in the North Sea market throughout the second half of 2012, providing services to previous Scomi customers and new customers won over the past six months.
“Drilling waste management on the offshore platforms, supported by onshore treatment of drill cuttings at Port Clarence (on Teesside), continued to be a key activity for the group and during the last quarter of 2012 new contracts were secured for drilling waste. The business also increased its services to platform supply vessels docking at Pocra Quay, Aberdeen.”
Augean said: “The board believes ANSS represents an excellent growth opportunity for the group.”
Augean posted pre-tax profits of £2.8million for 2012, up from £1.4million the year before, on revenue up by 13% at £42.4million.