Equipment-rental specialist Coates Offshore said yesterday it had invested £17million in new tools to help it break the £50million turnover barrier next year.
The business said it now had more than 200 pieces of equipment tailored to the oil and gas industry. The firm, which is based in Aberdeen but owned by an Australian parent, said its current annual turnover was £20million but added it was on course to more than double that in 2013.
Executive director Kieran White said: “Our multimillion-pound fleet investment programme adds fantastic value to the reliability and availability of equipment for our growing global customer base, and as a result we have already achieved some key contract wins.”
Coates employs 90 people at its Aberdeen headquarters as well as around the world in Europe, Asia, Australia, South America and Africa.