Shipping and energy services firm Craig Group reaped the benefits of heavy investment in its fleet and new global contracts with strong gains in turnover and profit last year.
The Aberdeen-headquartered group saw turnover rise by 21 per cent to £177.7m in the year to 30 April, with profits increasing by 18 per cent to £20.5m.
During the year, the company invested almost £30m, including £23.3m on modernisation of its fleet of emergency response and rescue vessels.
The privately owned, family-run business now employs 1,096 people with the majority crewing the group’s fleet of 37 vessels.
Turnover at its Craig International Supplies (CIS) arm, which provides procurement services to oilfield services companies, grew from £48.3m to £65.7m during the year and Craig Group chairman and managing director, Douglas Craig, said major global contracts secured by the division had contributed to the group’s growth.
“Investment in new bases in Germany, Poland and Africa, to support our clients, has had a tangible impact on our bottom line,” he added. “Our position as a market leader in this field has been cemented through these new contract wins with multi-national oil and gas companies, increased buying power and greater efficiencies for our customers.”
Meanwhile, North Star Shipping, which operates the Craig Group’s fleet of 37 vessels, saw turnover rise to £98.5m from £92.6m.
Two new supply ships were completed within the financial year with a further six new vessels to be delivered as part of the same order.
Craig added: “Our robust financial position allows us to continue to invest in new vessels which offer the highest standards of safety for offshore workers and our crews. Since 2003, we have invested £350m in 28 new vessels and we now have the largest and youngest British wholly owned fleet engaged in the UK offshore industry.”
Craig Group is one of the top 20 largest offshore service companies operating in the North Sea.
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