Offshore equipment rental specialist Coates Offshore has reported a 14% increase in turnover due to increased global activity.
The Aberdeen-based firm’s turnover for the first five months of the year from July 1st 2013 is up 14% on the same period last year, and the firm says it is on target it increase turnover and profit for the financial year end in 2014.
The company also reported 1,000 days without a lost-time injury and a 14% increase in its ratings with supplier management database FPAL, where it was rated 8.0 for environmental management and 7.6 for training and competence.
In a bid to support its work in the global well test market, the company will launch two brand new Zone II product lines – high volume air compressors and steam generators – to its rental inventory in 2014.
This investment was supported by a multi-million pound refinance package with HSBC.
“I’m extremely proud of our performance this year and with a positive market outlook, Coates Offshore is heading into 2014 holding a strong position in a growing market,” said executive director Kieran White.
The company has offices in Aberdeen, Great Yarmouth, Den Helder and Singapore.
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