Craig Group fuelled by oil markets

Investment in vessels and a pick-up in the oil and gas markets has helped fuel growth at Craig Group, the global shipping and energy services business.

The Aberdeen-based firm, which is in its third generation of family ownership, said pre-tax profits had risen by 50 per cent to just over £15.2 million, compared with 2010. Turnover rose to £111.9m from £92.4m.

Chairman and managing director Douglas Craig said capital spending in the year amounted to £16.4m. Since 2003, the firm has invested in 20 vessels giving it the “largest and youngest British wholly-owned fleet engaged in the UK offshore industry”.

Craig said: “We have seen steady growth across all our divisions. This is due to oil and gas markets picking up [and] our continued investment in vessels and people.”