HB Rentals Limited (HBRL) lurched back into the red after sales slumped by one-third in its last full trading year.
The Aberdeen-based supplier of offshore and onshore housing and related equipment to the oil and gas industry, has posted pre-tax losses of £260,000 for the 12 months to December 31 2017.
Turnover plunged to just over £3 million, from about £4.6m the year before.
HBRL, which is part of US group Superior Energy Services (SES), had returned to profitability in 2016 after a large writedown for rental assets left it nursing losses of £3.8m in 2015.
But turnover slumped by 37% and 16% in 2015 and 2016 respectively amid the global oil and gas downturn, and the firm’s latest accounts – lodged at Companies House – highlight another difficult year.
Signing off the latest figures, Pat Bernard, senior executive vice-president, SES, said: “2017 has seen another challenging year, with trading conditions remaining unchanged as the industry and businesses continued to adjust to lower oil prices.
“Rental utilisation of our equipment has remained static from 2016, although the downward pressure on equipment day rates appears to have bottomed out.”
But he added: “All KPI’s (key performance indicators) were in line with expectations of the management and directors for the year, given the challenging conditions of the marketplace.”
HBRL’s workforce averaged 24 people last year, down from 30 in 2016.
The firm traded as Duffy and McGovern Accommodation Services until it was acquired by Louisiana-based HB Rentals and its parent, SES, in January 2007 in a £23.7million buyout.
Houston-based SES, which serves the drilling, completion and production-related needs of oil and gas clients worldwide, does not allow subsidiaries to comment on their accounts.
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