Aberdeenshire-based Flowline Specialists is targeting overseas growth following its second consecutive year of a 20% increase in annual turnover.
The energy service provider has reported a record £6million turnover for the financial year ended 31 March 2014 – an increase of a fifth on the previous year.
The company is now looking to hit the £7million milestone in the current financial year, as it targets overseas markets with a growing fleet.
In February, the firm announced a £2.5million investment in purchasing a 300Te reel drive system and manufacturing a four-track 50Te tensioner, allowing it to tender for far larger projects.
It has also established a presence in Holland and Dubai, adding to its existing bases in Norway and Singapore.
“The investments we are making in new equipment this year have significantly increased our capabilities, allowing us to take on larger projects. We are already seeing the positive benefits of this investment,” said Jim Smith, Flowline Specialists’ managing director.
“Increasing the volume of business that we undertake overseas – in both the oil and gas and renewable industries – will contribute significantly to our growth this year.
“This has driven our decision to establish a presence in Dubai and in Holland to be better positioned to meet client needs.”
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