Cosalt said yesterday that third-quarter revenue at Cosalt Marine was at a level consistent with the comparable period last year, at £15.5million.
The firm, which provides safety equipment and services to the offshore oil and gas and marine industries, said that in the period to August 3 Cosalt Offshore – whose main base in Aberdeen employs 300 people – saw revenue rise by 28% year-on-year to £12.5million.
The company added that trading to date in the second half had remained in line with board expectations.
During the quarter Cosalt was awarded contracts including a three-year agreement with BP, worth up to £4.5million a year, to supply all lifting equipment to the energy major and its subcontractors in the North Sea.
Also secured were a three-year extension to Cosalt’s contract with Canadian Natural Resources for North Sea lifting and inspection services and a one-year award for crane-inspection services with Subsea 7 in Norway.
Cosalt said that following approval of a placing and open offer and firm placing on September 1 the group had received net proceeds of £17.1million, which had enabled it to reduce net debt and achieve a more stable, long-term funding structure. It added that directors were confident in the group’s long-term prospects and believed it was well placed to take advantage of both specific opportunities in its offshore and marine markets and a general upturn in economic activity.