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

People & Company News

Great Barrier Reef Kept Off UNESCO 'Danger' List

A heritage committee of the UNESCO cultural agency stopped short of placing Australia's Great Barrier Reef on an "in danger" list, but the ruling on Friday raised

World Refugee Crisis to Worsen with Climate Change

A historic 52 million people are fleeing conflict worldwide, a trend that will intensify over the next two decades because of climate change, International Rescue

EXG Wins CII SCALE Award

Express Global Logistics Pvt Ltd (EXG) won the Supply Chain and Logistics Excellence (SCALE) Award 2015 organized by CII (Confederation of Indian Industry).

Technology

Great Barrier Reef Kept Off UNESCO 'Danger' List

A heritage committee of the UNESCO cultural agency stopped short of placing Australia's Great Barrier Reef on an "in danger" list, but the ruling on Friday raised

Kongsberg Contracted to Support FLNG Conversion

Kongsberg Maritime secures position in the LNG market with electrical and automation contract for Golar Hilli FLNG   Keppel Shipyard in Singapore and Black & Veatch in the U.

New Power Optimization Solution for LNG Carriers

NAPA and DSME launch tailored NAPA-DSME Power Solution for LNG carriers; leading LNG carrier shipyard offers specialized performance monitoring solution   South Korean shipbuilder,

Finance

US Oil Contango Vanishing as Supply Glut Shifts Abroad

The U.S. oil market is on the brink of returning to a more bullish footing known as backwardation for the first time in six months, with the discount for prompt

Mexico Removes Bid Limit on Shallow Water Oil Tenders

Mexico's oil regulator voted on Friday to relax previously established rules on bidding terms and contracts that form the first step in an historic sector opening

Wärtsilä Acquires L-3 MSI

Wärtsilä completes acquisition of L-3 Marine Systems International    Wärtsilä Corporation announced that its acquisition of the Germany based L-3 Marine Systems

News

Great Barrier Reef Kept Off UNESCO 'Danger' List

A heritage committee of the UNESCO cultural agency stopped short of placing Australia's Great Barrier Reef on an "in danger" list, but the ruling on Friday raised

World Refugee Crisis to Worsen with Climate Change

A historic 52 million people are fleeing conflict worldwide, a trend that will intensify over the next two decades because of climate change, International Rescue

EXG Wins CII SCALE Award

Express Global Logistics Pvt Ltd (EXG) won the Supply Chain and Logistics Excellence (SCALE) Award 2015 organized by CII (Confederation of Indian Industry).

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction
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: 0.2533 sec (4 req/sec)