We have had a successful year with steady growth across all key areas of the business – from field development to decommissioning as well as in the renewables sector. This underlines the continued demand for quality consultancy services both in the North Sea and internationally, which is very reassuring.
In February we welcomed Subsea 7 as a new shareholder, alongside Chiyoda. The confidence and backing of our joint shareholders is enabling us to reach our ambitions to grow whilst maintaining our independence and multi-discipline expertise.
Our field development work remains prominent, having won several high-profile contracts over the year from both new and existing clients. This included our 10,000th assignment – a subsea front-end engineering and design (FEED) project in the North Sea. Considering we built our reputation on our field development work in the early days, this was a significant milestone for Xodus and one which emphasises our continued commitment and expertise within the early stages of a project.
At the opposite end, we have won more than £2million of decommissioning work, having now delivered more than 100 decommissioning projects for operators globally. We have extensive knowledge and experience that we have utilised to new regions all over the world including Tunisia and Indonesia.
We have built up a strong relationship with Scottish Enterprise and this year we undertook a benchmarking study to compare the competitiveness, capabilities and innovation in the Scottish subsea market with regions across the world. We are continually working on projects like this one that utilise our extensive track record in subsea, and other sectors, to benefit the oil and gas and renewables sectors.
We have a long history of working in the renewables industry, with a view that green energy is a fundamental part of the global future energy mix. In summer we appointed Pete Tipler as renewables director who has big plans to help drive growth across the sector in 2019 and beyond. Although we are well known for our work in the UK, we have also undertaken a range of international projects, including a sizeable partnership with Atlantis Resources to pursue the development of a tidal energy project in Japan.
We are also seeing an increase in the demand for our Advisory and Subsurface skills in a world where smaller/leaner operators are actively investing in some of the traditional operator’s old assets. The integration of our subsurface and surface capabilities means we are well positioned to provide advice and due diligence support both re and post deal.
Our success has allowed us to grow and focus on a core part of our consultancy model which is to develop the next generation. This year we have employed 21 graduates in a variety of roles across our UK offices.
Looking ahead to 2019, we are continuing to see a resurgence in the North Sea with several recent wins with some of the newer players in the region.
We hope to continue this growth across all aspects of the business whilst continuing to invest in people and technology, so we can continue to solve the complex challenges the energy industry faces. We are very optimistic and look forward to the opportunities that the year ahead will bring.
We wish you all the best for 2019!
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