An Aberdeen oil and gas technology firm has completed a restructuring after reporting reduced losses last year.
Spex Services, now owned by a new holding firm, Spex Group Holdings, said the reorganisation led to a share premium reduction of £2.2million as it reported a pre-tax loss of £1.3million in 2015. This compared to wider loss of £3.5million in 2014.
The company said the firm’s results were “disappointing” but “non unexpected given the present low oil price environment”.
It added that it had “discontinued certain service lines” this year after a strategic review but did not elaborate further. In recent years, Spex has specialised in offshore services including explosives, cutting, punching and abandonment. The group also offers a fast-track design and prototyping for technology development as well as rapid machining.
Writing in the accounts’ strategic report signed off at the end of August this year, finance director Ryan Strachan said the firm was “well positioned to maximise growth opportunities as they arise in future”.
The average monthly number of employees at the group was 50 in 2015, down from 67 in the prior year.
Turnover in the year to the end of 2015 rose 7% to £6.7million.
The firm, once listed as one of Scotland’s fastest growing technology companies, got a £5million boost when the Business Growth Fund (BGF) took a minority stake and provided growth capital in 2014.
Executive chairman Jamie Oag, who took a controlling stake in the firm in 2010, had previously set up oil and gas service company Optima, which he sold for more than £40million to US-based Tetra in 2012.
The firm is based at Dyce and has sites at Insch and Tillyfourie.
Spex was unavailable for comment.
Recommended for you
