Oil and gas service firm Tercel Oilfield Products UK slid into the red last year despite an increase in turnover.
The Portlethen oilwell construction technology business – known as Caledus before it was acquired by Dubai-based Tercel Group – made pre-tax losses of £144,640 in 2011, compared with profits of £215,210 in 2010. The accounts – just published by Companies House – also show Tercel’s turnover rose to £10.9million in the latest period, from £9.5million previously.