Westhill-based drilling rig operator Awilco Driling posted a more than doubling of its revenues to £97million last year.
The rise reflect’s the firm’s first full year operating both its North Sea-based semi-submersible drilling rigs, the WilHunter and WilPhoenix.
Profits at the firm also rose to £36.1million last year from losses of £4.3million in 2011, with its contract backlog standing at £190million.
However, Awilco, which employs 27 staff in Westhill, is still in dispute with operator MPX North Sea over payment for work due to an unresolved claim by MPX, the firm said in its fourth-quarter results.
Awilco was set up in December 2009 and bought the two early-1980s semi-submersibles, then called GSF Arctic II and GSF Arctic IV, from Transocean in early 2010 for £131million.
Both vessels underwent upgrades at the Remontowa Shipyard in Poland before starting work in the North Sea in June and July 2011 respectively.
The WilPhoenix is currently working on Talisman Energy’s Orion Tor well with the WilHunter working for Suncor Energy.
Awilco said: “With recent awards in the UK market the majority of the fleet is employed through to late 2014 and the market remains very tight.
“Two units are reported to re-enter the UK market in 2014. Recent day rate fixtures for UK semis have exceeded £256,000.
“The tightness in the market is further evidenced by the increased contract duration.”