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.
 


People & Company News

Kongsberg Performs Well in Q2

Norwegian defence and marine technology company Kongsberg Gruppen's second quarter 2016 (Q2) financial results shows sales performance broadly in line with recent trends,

Rickmers Holding, E.R. Capital Drop Merger Plan

Rickmers Holding AG and E.R. Capital Holding have jointly decided not to pursue the merger of their ship management activities.   For many years the companies

MN100: Conrad Shipyard

The Company: Conrad Shipyard was established in 1948 and is headquartered in Morgan City, Louisiana. The company designs, builds and overhauls tugboats, ferries,

Technology

Rockland Scientific to conduct Victoria Turbulence Observation Retreat

Building on series of international training workshops in Brazil, Chile, France, Poland, Vietnam and the UK, Rockland Scientific brings the next turbulence measurement

Scorpene Submarine Data Leak: Setback to Indian Navy

India has began multiple investigations to determine the extent of damage caused by the reported massive leak of secret data detailing the combat and stealth capabilities

NOAA Engineers a Better Current Sensor for Mariners

Navigating into seaports is now safer and more efficient for mariners thanks to improved NOAA technology that ships rely on to give them information about currents.

Finance

NParks, Keppel in S$2.08 mln Partnership for Restoring Singapore Forest Wetlands

The National Parks Board (NParks) and Keppel Corporation today unveiled plans for a partnership to restore the freshwater forest wetland ecosystem historically

Skaugen Goes to Red Again

Norwegian Marine Transportation Service Company I.M. Skaugen SE reported interim losses but cautiously positive and expecting a gradual recovery of trading opportunities

Kongsberg Performs Well in Q2

Norwegian defence and marine technology company Kongsberg Gruppen's second quarter 2016 (Q2) financial results shows sales performance broadly in line with recent trends,

News

MV WERFTEN, Foreship Sign Design Agreements

MV WERFTEN signed a letter of intent with the engineering company Foreship in Stralsund today. The agreement includes parts of the basic design as well as design,

Rockland Scientific to conduct Victoria Turbulence Observation Retreat

Building on series of international training workshops in Brazil, Chile, France, Poland, Vietnam and the UK, Rockland Scientific brings the next turbulence measurement

NParks, Keppel in S$2.08 mln Partnership for Restoring Singapore Forest Wetlands

The National Parks Board (NParks) and Keppel Corporation today unveiled plans for a partnership to restore the freshwater forest wetland ecosystem historically

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Repair 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: 0.1724 sec (6 req/sec)