Flexlife Annual Results 2011-12
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 (CVX), Centrica (CPYYY) and Tullow Oil (TUWLF).