ATR Group has launched an ambitious drive to grow its turnover to £150million in the next three years after capitalising on the collapse of Cosalt Offshore.
The Aberdeen-headquartered company announced yesterday that it is changing its operating structure with the creation of four dedicated business units to capitalise on growth in key sectors of the oil and gas industry.
ATR bought Cosalt Offshore and Underwater Engineering Services Limited following investment by the NBGI Private Equity group in 2012.
The strategic shift combines Cosalt’s technical leadership in offshore lifting and its comprehensive offshore inspection, testing and safety service with ATR’s global equipment rental service.
The ATR Group now comprises four business units – ATR Lifting Solutions (formerly Cosalt), ATR Power Solutions, ATR Equipment Solutions and UES.
Chief executive Keith Moorhouse said: “We have experienced sustained growth both in the UK and internationally across all parts of our business in the last 18 months and with the integration of ATR and the Cosalt business now well under way, we are embarking on a new organic growth strategy.
“We are on track to reach turnover of £70million this financial year with ambitions to double that by 2015.
“Our new operating structure forms a strong foundation on which to achieve that target. As part of the strategy we will also look to continue to build on our rental fleet investment to date, doubling last year’s £3million spend, to ensure we have the equipment and capabilities to service our client needs.”
ATR Group is the market leader in the rental, sale and inspection of specialised equipment to the petrochemicals, marine, subsea and the offshore oil and gas industry.
Cosalt collapsed with more than £70million of debt, according to documents published by the engineering group’s administrator.
PwC added it was unlikely some creditors would receive any return after the Grimsby-based business fell into administration earlier this year.
Cosalt’s offshore division was sold to ATR for £6.1million.
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