Flexlife has said growing demand for its subsea project and integrity-management expertise has led to a large jump in the Aberdeen company’s annual turnover.
Announcing results for the 12 months to the end of March 2012 yesterday, the energy service firm said like-for-like turnover of £10.6million was up by more than 45% compared with 2010-11.
Flexlife, which has a team of around 100 subsea engineers and support staff, with plans to recruit more in the coming months, highlighted “significant” expansion during 2011-12.
The firm said it completed projects around the world and signed long-term agreements with operators for integrity-management services.
A new memorandum of understanding paved the way for Flexlife to develop and provide integrity-management and specialised engineering services for Petrobras America’s international oil and gas projects.
Flexlife said it was poised for further strong growth in 2013 – a turnover increase of up to 20% – on the back of the high volume of work secured from customers in both its project-management and integrity-management business streams.
Chief executive Ciaran O’Donnell said: “Interest and investment in flexible-pipe integrity management is now starting to generate business internationally as well as in the North Sea.
“We will continue to invest in our resources and technologies to meet this growing demand.”
Pre-tax profits for 2011-12 came in at £350,000, compared with £980,000 the previous year.
Mr O’Donnell said this reflected investment in infrastructure to support future growth and also the writedown of the company’s previous premises in Aberdeen.
More than £1.1million was also invested in research and development (R&D) during the year, compared with just £400,000 in 2010-11.
In addition to its headquarters in Aberdeen Science and Energy Park, Flexlife has bases in Newcastle, Brazil and America.
The company was launched in 2007 and supports clients including Apache, Chevron, Centrica and Tullow Oil.