Prosperity Marks Craig Group's Anniversary Year

MarineLink.com
Tuesday, November 05, 2013
Douglas Craig: Photo courtesy of Craig Group

Aberdeen head-quartered global shipping and energy services firm, Craig Group, has marked its 80th anniversary with strong performance as it lodges its accounts at Companies House.

The privately owned, family-run business, now employing the fourth generation of the Craig family, has reported turnover of £146.8 million with operating profits of £17.4 million for the year ending 30 April 2013. These are up on the previous year when turnover was £123.3 million and profits were £15.2 million.

The group, whose core activities are the provision of offshore support, ROV survey, emergency response and rescue vessels (ERRVs) and oilfield procurement, provides employment for 1,062 people, 925 of which are mariners crewing the group’s fleet of 37 vessels.
 
Capital expenditure in the year was £37.4 million of which £27.8 million was spent on the continued modernisation of the fleet of emergency response and rescue vessels.
 
Craig Group chairman and managing director, Douglas Craig, said: “"These results reflect our continued strong performance in our core areas of shipping and oilfield procurement. Our considerable capital expenditure in new tonnage to ensure the safest and most modern fleet and investment in new global bases for CIS have consolidated our market leading positions in these areas. We are also generating the cash flows required to sustain growth and new employment in the future."
 
The Craig Group fleet is operated by group division, North Star Shipping, who saw its turnover increase by over 15% to £92.6 million. Two new ERRVs were completed within the financial year with a further two new vessels to be delivered during 2014. .
 
Turnover at Craig International Supplies (CIS), the group’s oilfield procurement division, rose by almost 30% from £37.6 million to £48.3 million.
 
Mr. Craig added: "“Our investment of £230 million since 2003 in new vessels has ensured we have 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."
 
“"The opening of new bases for CIS in Poland and Ghana while bolstering our existing operations in Cape Town and Houston has significantly extended our global reach helping us secure new business, increase our buying power and offer greater efficiencies to customers.”"
 
During the year, the group paid dividends of £3 million for the first time in three years.  Directors’ remuneration totalled £1.24 million with the highest paid director’s emoluments standing at £500,000.
 
The group donated £374,000 to various charities and local causes in 2012. This includes the on-going donations, together totalling £2 million, to Robert Gordon’s College and the University of Aberdeen’s new library as well as one-off contributions to Friends of Anchor, Aberdeen International Youth Festival
 

Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

DNV-GL Approves Kongsberg Engine Room Simulators

Kongsberg Maritime has received DNV-GL certification for three of its latest engine room simulator models designed to provide in-depth training on the K-Sim Engine simulator platform.

Container Shipping Lucky to Break Even in 2015

A toxic mixture of overcapacity, weak demand and aggressive commercial pricing is threatening liner shipping industry profitability for the rest of 2015, according

CMA CGM's OPDR Acquisition Approved by EU

The CMA CGM Group announced that the European Commission has approved its acquisition of OPDR. In order to finalize the acquisition, which was announced on November 25, 2014 by Jacques R.

Offshore

Shell's Icebreaker Vessel Damaged in Alaska

Royal Dutch Shell Plc's  icebreaker vessel Fennica returned to the Dutch Harbor in Alaska with a small breech in the hull, raising concerns about the company's

Research Vessel Concept a First for Voith

The new fisheries research vessel of the Shanghai Ocean University will be a first for Voith in several respects.   It is the first fisheries research vessel

Ocean Safety’s New Liferaft Facility Opens

Ocean Safety, a specialist in the worldwide supply, distribution, service and hire of marine safety equipment, has opened a new liferaft hire division.   Ocean

Finance

Greece Port Operations Update

An update on Greece’s port operations and local conditions was issued today by maritime services provider Inchcape Shipping Services (ISS).   According to ISS,

Container Shipping Lucky to Break Even in 2015

A toxic mixture of overcapacity, weak demand and aggressive commercial pricing is threatening liner shipping industry profitability for the rest of 2015, according

Dry Bulk Market Crisis: Opportunity or Threat?

The shipping industry is experiencing the biggest dry bulk market recession since the 1980s, as uncertain global economic outlook and increased imbalance between

People in the News

Tony Abbott Guarantees Submarine Jobs

Prime Minister Tony Abbott has assured South Australians there will be more submarine jobs here even if he won’t commit to having a new fleet of vessels built there,

Buoys in Disputed Waters Roil South China Sea Dispute

Buoys stretched "as far as eye could see" - Philippine sailor. The Philippine navy recently found a large steel marker bearing Chinese inscriptions and hundreds

K&L Gates Welcomes Martinko

The Washington D.C., office of global law firm K&L Gates LLP has welcomed Stephen Martinko as a government affairs counselor in the public policy and law practice.

Offshore Energy

Shell's Icebreaker Vessel Damaged in Alaska

Royal Dutch Shell Plc's  icebreaker vessel Fennica returned to the Dutch Harbor in Alaska with a small breech in the hull, raising concerns about the company's

DNV-GL Approves Kongsberg Engine Room Simulators

Kongsberg Maritime has received DNV-GL certification for three of its latest engine room simulator models designed to provide in-depth training on the K-Sim Engine simulator platform.

ISS Inks Service Pact with Technip

Inchcape Shipping Services (ISS) and Techniphave signed a contract to provide marine agency services and logistics for the Rashid C project in the Middle East. Currently

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Pipelines Pod Propulsion Salvage Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.3708 sec (3 req/sec)