FIRST Oil Expro, part of multimillionaire Aberdeen businessman Ian Suttie’s First Oil group, saw its pre-tax profits jump to £12.16million in the year to April 30, from £10.46million the year before, according to latest accounts released by Companies House.
Turnover in the latest period was £72.14million, up from £60.86million the previous year. The company said the results underlined the merits of a growth strategy which saw it take a 20% stake in the North Sea Bacchus development, acquire the former Celtic Oil – now First Oil and Gas (FOG) – from SK Innovatoion and achieve a “pleasing result” in the 26th UK continental shelf licensing round.
It recently emerged Mr Suttie could become one of Scotland’s richest men after the development of the Kraken field, in which FOG has a 30% stake.
At today’s prices, the firm’s share of the field would be worth about £3.2billion. Even after tax and development costs, FOG would still be left with more than £1billion over the life of the project.