Energy services group SeaEnergy today reported a sharp fall in full-year losses after a more than five-fold jump in revenues.
The Aberdeen-based firm said its R2S division, which uses sensors to assess oil rigs, ships and other assets, has exceeded the profit targets set for the business when it was acquired in August 2012.
The first full year’s contribution from R2S helped revenues surge from £900,000 in 2012 to £5.1m. Sales were also lifted by the group’s nascent ship management operation.
Losses for the year to 31 December fell to £800,000, from £2.4m a year earlier, and chairman David Sigsworth said SeaEnergy was poised to move into the black this year.