North-east firm Proserv said yesterday it had nearly doubled its turnover in the past 12 months to nearly £200million.
The oil and gas service company said as a result of the growth it was taking a 10-year lease on a new manufacturing and test site at Stavanger.
Chief executive David Lamont speaking at Offshore Northern Seas in Stavanger yesterday, said the growth over the past 12 months had been through business acquisitions and organic growth.
He added: “Underlying business growth is about 30-40% a year, with the balance through new businesses.
“We are now focused on building on our capabilities and, since bringing five subsidiary companies under the Proserv brand last year, we have strategically created a solid international infrastructure for harnessing future growth.
“The investment we have committed to in a purpose-built new facility in Stavanger will significantly enhance our design, build and service capability to meet the growing demands of both today and tomorrow.”
The firm specialises in production technology, from control systems to pipeline repair services and testing equipment.
Turnover at Westhill-based Proserv has increased from about £109million to more than £196million in the past 12 months.
The Norwegian share of turnover also grew, from about £25million to £29million, with staff numbers there increasing by 40% to nearly 110.
Earlier this year, Proserv took over Weatherford’s subsea-control business, which included a research and development centre in Trondheim, Norway.
Mr Lamont said there was strong growth in the North Sea, UK and Norway, and increasing business in the Middle East and Far East. Exposure to the drilling-control market through its US-based Gilmore business unit, as a result of changes being made to blowout preventers after the Macondo disaster, had also benefited the business, with revenue up 50% in that segment.
Mr Lamont said Proserv was also seeing a benefit from finding areas where existing products could be used in different areas of the business.
The new Norwegian base, to be at Forus, just outside Stavanger, is hoped to be fully operational by 2014.
Proserv employs about 1,200 people globally, with about 300 of those in the north-east.
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