Briggs Marine profits boosted by offshore wind growth

Briggs Marine has benefited from growth in the renewables sector
Briggs Marine has benefited from growth in the renewables sector
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Continued success in winning contracts in the offshore wind market has helped shipping group Briggs Marine & Environmental Services record significant increases in turnover and profits.

The growth at the Burntisland-headquartered firm came despite a downturn in the oil and gas markets which have traditionally been a significant part of its workload.

In the year ending 31 March, Briggs saw sales rise by 24 per cent to £62m as it also benefited from higher vessel utilisation. Group operating profit rose by 62 per cent to £6m with return on capital increasing from 18 per cent to 25 per cent.

Work secured in the renewable energy sector by the company in the past year has included an eight-year framework agreement with Danish energy giant Dong covering cable services on offshore wind farms in the UK and northern Europe.

Briggs’ subsea services division also successfully completed a cable repair on Vattenfall’s Thanet Wind Farm for Balfour Beatty in August.

High-profile projects Briggs worked on during the year included the salvage of the Lysblink Seaways cargo vessel that ran aground on the west coast of Scotland early in 2015.

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Collieson Briggs, managing director of the family-owned business, said: “It is great to see, that across the whole group, we continue to be successful in winning new contracts, as this further develops our presence and reputation in the marine services industry.

“I am proud of what the company has achieved over the past year and expect the company to deliver another strong performance with further organic growth in the current financial year.”

In addition to further contract wins in the offshore wind sector, Briggs has seen expansion of its navigation aids and vessel management services divisions. They have benefited from two contracts with Peel Ports, including a contract for the supply and operation of pilot launch services from the ports of Liverpool and Heysham.