Stork Technical Services revealed its company earnings fell £50million and headcount dropped by nearly 500 in its latest financial disclosure, which was released today.
Stork recorded a turnover of £310.1million for its 2014 financial year, down from the previous year’s £361.6million.
The firm’s profit before tax fell to £11.8million, after it was forced to write off investments worth £3.2million.
The company’s financial report also revealed the firm’s workforce numbers had fallen by nearly 500 posts. During 2014 the firm employed 2,561 people compared to 2013’s 3,056 headcount.
Stork chairman David Stewart said: “Whilst market conditions are currently difficult in the North Sea as a result of the reduction in oil price, the directors are satisfied with the activity levels in the business.
“In June 2015 action was taken to reduce onshore support employee numbers to better match current market activity.
“The company has continued to make investment in additional plant and equipment to engage future periods of growth.”
The financial dip comes the same week speculation of a £440million buyout resurfaced.
Speculation emerged in June speculated in June that Arle would flog off the asset integrity specialist and that possible buyers could include CVC Capital Partners, Clayton Dubilier & Rice and EQT Partners AB.
Financieele Daglad, a Dutch business paper, has this month reiterated the speculation, adding Bain to the list of possible suitors to the company, which accounts for thousands of North Sea-related jobs.