Aberdeen’s Cutting Underwater Technologies (CUT) has posted record revenue and project numbers in 2023.
The Bridge of Don based diamond wire cutting specialists secured £5.9 million in revenue working across 43 projects in six continents last year.
Of those projects, 19 were based in the UK or North Sea, four were in Southeast Asia and four were in Australia.
The revenue figure reflected a 15% increase from the 2022 results, marking the company’s fourth consecutive year of growth.
CUT business development manager Bruce Sinclair said while offshore decommissioning remained the company’s core business, it had also successfully won contracts for renewables, onshore and wreck removal projects.
“The high ratio of bids to wins is very satisfying, and although we don’t win every project we focus on our track record, safety record and history of completing projects under budget,” Mr Sinclair said.
© Cutting Underwater Technologies LinkedIn“Clients have responded very positively to the certainty that we provide.”
£20 billion decom opportunity
With the North Sea set to see as much as £20 billion spent on decommissioning activity in the next decade, CUT’s specialist cutting equipment could be in high demand.
But Mr Sinclair said the company isn’t taking anything for granted.
“There have been significant challenges in the last few years from Covid, Brexit, the lack of joined-up decom planning, as well as strong competition,” he said.
“We’ve overcome these hurdles very well, and the outlook is very positive.
“The order book is better than ever, with 14 projects already guaranteed for 2024, and we expect many more.”
Mr Sinclair said while in recent years industry observers have spoken of “boom times” ahead for decommissioning, CUT remains focused on diversification to ensure long-term success.
“Boom times sound great, but they are always followed by bust, which is why CUT have ensured we are not reliant on one market or geographical area,” he said.
“This will allow us to maximise our services in the areas with the most potential.”
As well as debuting new chain cutting equipment and an 8 metre wide machine, which it says is the “biggest in the world by far”, 2023 also saw CUT showcase its Aberdeen site to visiting officials from Australia’s decommissioning authority.
After a busy year, Mr Sinclair said the team were “rightly proud” of achievements efforts in 2023.
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