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

People & Company News

ISS Announces CEO Transition

Captain Claus Hyldager yesterday decided to step down as the Chief Executive Officer of Inchcape Shipping Services (“ISS”).    The current Chief Financial Officer,

CME Lifts Force Majeure for all Illinois River Grain Terminals

CME Group has lifted its declaration of force majeure at all Illinois River terminals that are regular for Chicago Board of Trade corn and soybean futures delivery,

FURUNO of Japan Increases Investment in ENL

ENL Group and FURUNO Electric Co. Ltd of Japan have announced that FURUNO has increased its investment into the New Zealand company to a total of 29.5%. The

Offshore

CWind Joins National Workboat Association

Citing crew transfer services as an integral part of its offering, offshore wind industry service provider CWind announced it is now a member of the National Workboat Association (NWA) of the U.

BG Group Starts up Sixth FPSO in the Santos Basin

BG Group announced first oil from the Cidade de Itaguaí floating, production, storage and offloading (FPSO) vessel, the sixth unit to start production across the

BG Awards Fugro MBES, Seabed Coring Contract

Fugro has been awarded a contract by BG International Limited Sucursal Honduras to conduct an integrated multibeam echosounder (MBES) survey and seabed coring campaign

Finance

FURUNO of Japan Increases Investment in ENL

ENL Group and FURUNO Electric Co. Ltd of Japan have announced that FURUNO has increased its investment into the New Zealand company to a total of 29.5%. The

Pressure for Australia Sub Deal Grows

Australia to spend A$65 bln on ships and subs over 20 years; PM pledges A$40 bln for domestic shipbuilders. Australia will spend A$89 billion ($65 billion) on

S.Africa Considering Ship-Based Power Generation

South Africa could deploy power barges using gas to generate electricity to help overcome chronic supply shortages, a senior government official said on Tuesday.

People in the News

Pressure for Australia Sub Deal Grows

Australia to spend A$65 bln on ships and subs over 20 years; PM pledges A$40 bln for domestic shipbuilders. Australia will spend A$89 billion ($65 billion) on

Asian Nations Call for Stop to South China Sea Land Work

Calls grow for China to halt land reclamation. Southeast Asian countries on Tuesday backed a U.S. call to halt land reclamation in the South China Sea, underlining

FMC Collects $1,227,500 in Penalties from NVOCC's

Federal Maritime Commission Chairman Mario Cordero announced that the Commission has completed compromise agreements recovering a total of $1,227,500 in civil penalties.

Offshore Energy

Egypt Gets FSRU from BW Gas

Norway-based BW Gas will provide Egypt with a liquefied natural gas (LNG) floating import terminal under a five-year contract.   This comes as as the North African

CWind Joins National Workboat Association

Citing crew transfer services as an integral part of its offering, offshore wind industry service provider CWind announced it is now a member of the National Workboat Association (NWA) of the U.

Strategic Marine: Stock Program Full Power Ahead

Strategic Marine confirmed its stock program of personnel transport vessels is market-ready.  “Our stock program currently incorporates two class leading designs

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Pipelines Pod Propulsion Ship Repair Ship Simulators Sonar Winch
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: 0.2662 sec (4 req/sec)