Denholm Oilfield Services has announced increased profits for 2018.
The firm said it saw “improved business” across the firm with profits growing by £12.8 million from £2.1m in 2017 to £14.9m in 2018.
Denholm has operations in the UK, Caspian Sea, Middle East and USA, and are strategically based across the international oil and gas, and marine sectors.
The firm invested £9.2 million in a new Middle East joint venture last year with a further £7.5 million invested in Denholm’s ongoing businesses.
The firm only saw a modest increase in its North Sea business in 2018.
Chairman John Denholm said: “It is very pleasing to be able to report that our results moved forward so positively last year despite the continuing difficult conditions which have been prevalent in the oil and gas market. It is, I would add, particularly satisfying that all our operating territories were profitable.
“In the year ahead, we will continue to pursue our strategy of having a balanced business, both geographically and across the maintenance and capital cycles.
“We will look to deliver this while also continuing to add services to our portfolio, when appropriate opportunities arise, as we seek to exploit the opportunities that will emerge as the oil and gas industry recovers.”
Recommended for you
