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

People & Company News

Furuno Establishes China Subsidiary

FURUNO ELECTRIC CO., LTD. announced that its new subsidiary in Hong Kong has been established and has commenced business operation on February 1, 2016.   The new subsidiary, FURUNO CHINA CO.

Edison Chouest Opening Mississippi Shipyard

Edison Chouest Offshore locating shipbuilding operations, TopShip, LLC, in Gulfport, Miss.   Gov. Phil Bryant and officials from Edison Chouest Offshore, an offshore

R&M Group Merges with Sea Level Marine

R&M Ship Technologies USA, Inc. has merged Sea Level Marine, LLC. in efforts to increase the range of services offered to the company’s global client base. By aligning resources,

Technology

Australia Submarines: Japan Vs France

While Japan is confident it has proven itself the best contender to build Australia's new submarines, the French have moved to undermine Japan’s bid to build the navy’s new submarines.

Elbit Systems Introduces Seagull

Israel’s Elbit Systems unveiled a prototype of what it claims is the world’s first unmanned system for anti-submarine warfare (ASW) missions.   Developed in less

Novoship to Install Ecochlor BWTS on 4 Tankers

SCF Novoship Technical Management has selected the Ecochlor Ballast Water Treatment System (BWTS) to be retrofitted on three Aframax Oil Tankers and one Product Carrier.

Finance

Australia Submarines: Japan Vs France

While Japan is confident it has proven itself the best contender to build Australia's new submarines, the French have moved to undermine Japan’s bid to build the navy’s new submarines.

Limit Exposure with the Uniform Commercial Code

Demanding assurance pursuant to the UCC may save you from sinking on someone else’s ship. Vessel operations require a large network of companies that come together

Baltic Index Touches New Record Low

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying industrial commodities, registered a new all-time low on Monday on muted vessel demand.

News

CMA CGM Increases Port Calls and TEU Capacity

French container line CMA CGM has announced imminent changes to its PCRF line service which links Northern Europe with the French West Indies, by adding two new

China's LNG Demand Falls

China's import of  liquefied natural gas (LNG) fell 1.1% in 2015, marking the first year-on-year decline since imports began in 2006, according to a report by

Furuno Establishes China Subsidiary

FURUNO ELECTRIC CO., LTD. announced that its new subsidiary in Hong Kong has been established and has commenced business operation on February 1, 2016.   The new subsidiary, FURUNO CHINA CO.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Shipbuilding / Vessel Construction 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: 0.1596 sec (6 req/sec)