Nessco Group said yesterday it had nearly doubled its turnover, to £33million, after winning two large contracts for work in Iraq.
The Aberdeenshire-based oil and gas telecommunications specialist added growth was achieved in markets at home and abroad during the past year, and it was now looking to take on more workers.
Earnings before interest, tax, depreciation and amortisation during the past year came in at £3.5million, about double those of 2010-11, as turnover increased by £16.3million to £33million.
Nessco – which has its headquarters at Westhill – said that a drive to grow international business had reaped rewards, including two contracts worth £7million in total for projects in Iraq.
The Iraqi deals, with “major oil and gas operators” involve the project management, engineering, procurement, assembling and testing of telecoms systems as well as training. A team of engineers from Westhill are designing and putting together the integrated systems.
Nessco managing director Ian McPherson said: “We have experienced tremendous growth this year and our strategy for developing the business in target international regions has paid off with a significant rise in export contracts.
“We have invested in business development resources and increased staff numbers and expect to take on a further 20 people this year including engineers and technicians.”
He added: “The latest project wins in Iraq confirm our capability for delivering integrated telecoms solutions anywhere in the world.”
One of the projects in Iraq will support a new offshore manifold and metering platform in Al Basrah.
Nessco is providing equipment to keep it fully connected from satellite and meteorological systems to CCTV, telephone and radio technology.
The second project is for a large development in the Majnoon field in southern Iraq, with the first stage including voice and data systems, internet, security and meteorological technology.
Nessco – founded in 1979 and now majority-owned by private equity firm Maven Capital Partners – employs 140 people and operates worldwide through offices in the UK, Brazil and Azerbaijan.
Its order book includes work in the UK, continental Europe, America, Australia, Brazil, UAE, Angola, Iraq, Nigeria, Venezuela and Algeria.