Marine service group James Fisher and Sons yesterday reported a stable performance at its offshore oil arm, which covers several north-east subsidiaries.
Fisher said, however, that the UK North Sea delivered weaker returns than the division’s operations in Norway, Asia and Africa last year, Fisher said.
The offshore oil arm includes Dyce firm RMSpumptools, Inverurie-based consultant Buchan Technical Services, Oldmeldrum-based Fisher Offshore and the Aberdeen unit of Norway’s Scan Tech.
Fisher said offshore oil activities contributed £48.2million to group revenue last year, compared with £48.3million in 2008.
It added: “Norway performed well and we experienced good growth from our operations in Asia and Africa. These factors offset a quieter out-turn from the UK sector of the North Sea.”
Fisher said the division had benefited from its geographical and sectoral spread, plus a focus on niche activities in maintenance and production areas and exploration.
Chairman Tim Harris added: “We continue to enjoy a number of distinct niches in the offshore market which have demonstrated their resilience in the downturn.
“It is our intention to continue to invest to support the growth of these businesses . . . both by providing more capital and by acquisitions where appropriate.”
Fisher, which also has marine oil, specialist technical and defence divisions, posted a 5% year-on-year rise in pre-tax profits, to £24.7million in 2009 on revenue up 7% at £249.6million.
Mr Harris said: “James Fisher produced a robust performance in 2009 despite an economic environment which was significantly more challenging that for many years.”
He added that trading so far in 2010 had been to management expectations.