Global Energy Group turnover up nearly 50%

TURNOVER at Inverness-based Global Energy Group jumped by nearly 50 per cent after the energy services company grew its overseas business and took over the oil rig yard at Nigg Bay.

Revenues jumped to £250 million in the year to 1 April from £170m in the previous 12 months following the acquisition of the fabrication yard at Nigg and expansion in Australia, Brazil and India, as well as increased work in the North Sea. Profits rose to £17.2m from £13.8m.

Chief executive Iain MacGregor said the firm was on course for 45 per cent sales growth this year and that he had appointed Albert Allan, currently London-based vice-president of operations at engineering firm KBR, as his new chief operating officer. Allan started his career at the Nigg yard.