Flexlife Annual Results 2011-12

Tuesday, January 15, 2013

Flexlife, a specialist provider of flexible pipe technologies and engineering services, has posted its 2011-12 (to year end March 31) results with more than a 45% rise in comparable turnover from £7.35million to £10.6million.

The Aberdeen-based company expanded significantly over the 12-month period, with projects completed around the world and long-term agreements signed with a number of operators, including Petrobras America International (PAI), for integrity management services.

Further growth is under way with high volumes of work secured in both the project management and integrity management business streams from operators to ensure ongoing integrity of subsea infrastructure. Flexlife currently has a team of around 100 subsea engineers and support staff with plans to recruit further staff in coming months. Turnover is forecast to rise from £10.6million by up to 20%.

Commenting on the results, Ciaran O’Donnell, CEO, said: "We are currently experiencing global interest in our flexible pipe inspection, monitoring and repair technologies.

“Our interest and investment in flexible pipe integrity management is now starting to generate business internationally as well as in the North Sea. We will continue to invest in our resources and technologies to meet this growing demand.

Flexlife's unique market position as the Flexible pipe specialist who have the engineering know-how, technology and experience to manage all flexible pipe issues throughout the lifecycle, which results in Operators experiencing higher availability rates for their subsea infrastructure, hence delivering real cost-savings and value."

Business successes during 2011-12 included:

  • Project management of the Bacchus subsea field development for Apache North Sea, with a project delivery value of nearly £100million. 
  • Signing a Memorandum of Understanding with Petrobras America to develop and provide a new integrity management system and specialised engineering services for its international oil and gas projects offshore. The agreement includes the provision of Flexlife’s ground-breaking subsea products and services to maintain and extend asset life.
  • Expanding the Newcastle office to a team of 20 working on a variety of UK and global projects. 

During the current financial year, Flexlife has successfully completed onshore and offshore trials of its Armadillo technology for Petrobras Brasil, secured a multi-million pound project management contract in the North Sea, completed its first work off Australia and carried out integrity management work for a variety of operators in Africa.


As well as its HQ in Aberdeen Science and Energy Park, Flexlife has bases  in Brazil, the US and Newcastle and operates in Africa, Norway and Asia Pacific.  The company was established in 2007 and supports clients including Apache, Chevron, Centrica and Tullow Oil.

Maritime Today

The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

No Clues on Hanjin's Financial Health

Cash-strapped Hanjin Shipping Co. sources say that the negotiations with tonnage providers for lower rates are undergoing, but wouldn't say much else.   According to Korea Herald, the country's No.

DP World's H1 Volumes Rise

Ports operator DP World reported on Tuesday first-half 2016 gross container volumes up 1.2 percent on a like-for-like basis and up 2.5 percent on a reported basis.

Samil PwC Okays Hyundai's Management Improvement Plan

Hyundai Heavy Industries (HHI) is notified by Samil PwC, a local member of the global accounting firm PwC, that its 3.5 trillion won worth management improvement


Can Bandwidth Supply Keep up with Maritime Demand?

In the next few years, demand for bandwidth on the high seas will grow, in no small part due to technology that is making operations more efficient and keeping crews and passengers healthy,

Drones: Is the Maritime Industry Ready?

Unmanned aerial systems (UAS), or “drones” in common parlance, are not a part of the historical maritime vocabulary. At least not yet. While the term “drones” may conjure images from science fiction,

Servowatch to Debut New Software at SMM

Integrated ship control systems supplier Servowatch said it will use SMM to launch its new automation and control software, WINMON 9.   WINMON 9 is a singular,


Scorpio Bulkers books Net Loss

USA-Monaco based bulk carrier Scorpio Bulkers has reported a loss of $24.7 million in its second quarter of 2016, pushing the carrier's deficit up to $ 83 million.

Diana Containerships in Red, Suspends Dividend

Greece-based Diana Containerships Inc. has reported a second-quarter loss of $8 million, after reporting a profit in the same period a year earlier.   The shipping

DP World Eyes Taiwan Port

Global marine container terminal operator DP World  will help to expand the development of Kaohsiung Port’s Terminal 7, which is owned by the state run Taiwan International Ports Corporation (TIPC),


Scorpio Bulkers books Net Loss

USA-Monaco based bulk carrier Scorpio Bulkers has reported a loss of $24.7 million in its second quarter of 2016, pushing the carrier's deficit up to $ 83 million.

Cambodia Urged ASEAN to Avoid Words That Escalate Tension

Cambodia advised a grouping of South East Asian nations to avoid using words that "would escalate tension between China and the Philippines" in a weekend statement,

Technip Bags Woodside's Subsea Contract

Technip has been awarded a large(1) subsea contract by Woodside to support the development of the Greater Enfield Project offshore Western Australia, at a water

Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pipelines Port Authority Ship Electronics 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: 0.1772 sec (6 req/sec)