Investment in fleet helps Craig Group profits grow

Chairman Douglas Craig is the fourth generation to run firm. Picture: Complimentary

The Aberdeen-headquartered firm, a privately owned business now employing a fourth generation of the Craig family, said revenues reached £146.8 million in the last financial year, up from £123.3m.

Operating profits of £17.4m in the 12 months to 30 April compare to £15.2m the year before.

Chairman and managing director Douglas Craig said heavy investment in the firm’s fleet, as well as new international bases for its oilfield procurement division, had help win business.

He added: “We are also generating the cash flows required to sustain growth and new employment in the future.”

The company employs 1,062 people, 925 of them the crews of its 37 vessels. It spent £27.8m on the continued modernisation of its fleet of emergency response and rescue vessels last year.

Craig said the firm has now invested £230m in new vessels since 2003, making it the largest and youngest British wholly-owned fleet engaged in the UK offshore industry.

“This has enabled us to win new contracts and retain existing ones as oil and gas operators are rightly demanding the best vessels and crews to support operations in the North Sea,” he said.

During the year, the group paid dividends of £3m for the first time in three years. Directors’ remuneration hit £1.24m, the highest paid director’s emoluments standing at £500,000.