Front end engineering specialist Xodus cited “challenging” market conditions as it reported an £18.5million pre-tax loss in last year.
The Aberdeen and London-based firm was hit by bad debts and wrote off a number of intercompany loans involving some of its international join venture businesses, although turnover rose 12% to £58.6million in 2014.
But the company pointed to the support of its majority shareholder, Yokohama-based Chiyoda Corporation, as well as new contracts worth millions of pounds won this year.
The firm’s vibration division has won a clutch of contracts in the UK and UAE worth £5million, it said.
Yokohama-based Chiyoda acquired a majority stake in Xodus just over two years ago.
Wim van der Zande, who moved from the role of chairman to chief executive earlier this year, said: “It has been a tough year for Xodus Group similar to many other oil and gas organisations.
“Market conditions have impacted as global oil and gas projects have stalled, however I continue to have confidence in Xodus as do our investors Chiyoda Corporation.
“We remain focused on operational performance, product development and innovation.
“Since taking up the post of CEO earlier this year I have been impressed with the expertise and knowledge that we have across the organisation.
“We are using our capabilities to support our clients, delivering cost efficiencies and solving some of their most complex challenges.
“Despite the challenging operating environment, there is still a robust pipeline of global project work being delivered by our multi-discipline team of engineers and specialists.”
Recommended for you
