EnerMech Profits From Investment

Press Release
Thursday, January 10, 2013

Mechanical engineering services company, EnerMech Ltd, doubled turnover in 2011 to £102 million, up from £50.6 million in 2010, according to its latest group accounts.
 

The Aberdeen-based group delivered an £8.4 million profit (EBITDA*) and forecast 2012 profits would almost double to £14 million on expected turnover of £140 million.


A recently agreed £25 million funding package from private equity backers, Lime Rock Partners, will underpin five strategic acquisitions in 2013, in addition to the £3 million acquisition of South African business Water Weights International last month. (December 2012)


Target companies are located in Australia, Africa and the USA and will enhance EnerMech’s global reputation as a major service provider to the oil, gas and power industries.


The latest accounts filed at Companies House for the group’s UK subsidiary, showed a marked reduction in pre-tax losses, which were down from £5.28 million in 2010 to £1.56 million in 2011.


The Director’s Report said every business line had achieved significant growth in 2011 with long term contract wins helping Equipment Rental to grow by 32% and Cranes by more than 50%. Organic growth in Hydraulics and Training had delivered an increase in sales of 27% and 34% respectively, while Valves had added £5.6 million revenue and the newly established Process, Pipelines and Umbilicals business line contributed £26 million global sales in its first full year of operations. 

EnerMech managing director, Doug Duguid, said the strong financial performance was the result of significant investments in the company’s formative years to build an international infrastructure which was pivotal in winning new client work.


Mr Duguid said: “Higher activity levels drove increased profitability with gross profit margins increasing to 22.4% over the 2010 equivalent of 14.3%. This helped us achieve a significant milestone in returning £2.6 million of pre-tax operating profits, the first year the group has delivered a positive result and after only three full years of trading. “We will continue to invest in capital assets and high calibre management across the global business to support future expansion. Further acquisition targets have been identified for 2013 and once complete will take the business to a new level in terms of geographic reach and strategic ability to deliver our services and technologies.”


In a little over four years since it was formed by Mr Duguid and finance director Michael Buchan, EnerMech has developed in to an Aberdeen-headquartered business with 1400 staff located in 20 international locations.


EnerMech specialises in the supply, maintenance and engineering of cranes and lifting, valves and hydraulic equipment, training and manpower services and equipment rental to the energy industry.

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Dann Marine Repowers With Cummins Tier 3 Engines

Dann Marine Towing, LC., is a fifth generation family owned and operated tugboat company based in Chesapeake City, MD. The model-bow twin-screw tug Sea Coast was

Sulzer Shareholder has 5 pct Dresser-Rand Stake

Russian billionaire Viktor Vekselberg's Swiss investment firm Renova Group said on Friday it had a 4.99 percent stake in U.S.-based Dresser-Rand, which might become the object of a takeover battle.

MAN-Powered Cargo Vessel Meets Tier III

Classification society awards SCR system emissions certificate. MAN Diesel & Turbo has been awarded a Tier III - compatibility certificate by the DNV- GL classification

Contracts

Sulzer Shareholder has 5 pct Dresser-Rand Stake

Russian billionaire Viktor Vekselberg's Swiss investment firm Renova Group said on Friday it had a 4.99 percent stake in U.S.-based Dresser-Rand, which might become the object of a takeover battle.

Source: Siemens Offering $6.1 bln for Dresser Rand

Germany's Siemens plans to offer more than $6.1 billion, or $80 per share, for U.S. compressor and turbine maker Dresser-Rand, Germany's Manager Magazin said on Friday.

Transas Simulators Boosts Western Shipping Training Center

Transas Marine Pacific has successfully completed the upgrade of a simulator complex for Western Shipping Pte. Ltd. training center. The simulator class was

Finance

Exxon: U.S. to Allow Wind Down Ops in Russian Arctic

U.S. oil major Exxon Mobil said on Friday the U.S. Treasury Department granted it a license to wind down operations on a drilling well in the Kara Sea in the Russian Arctic.

Sulzer Shareholder has 5 pct Dresser-Rand Stake

Russian billionaire Viktor Vekselberg's Swiss investment firm Renova Group said on Friday it had a 4.99 percent stake in U.S.-based Dresser-Rand, which might become the object of a takeover battle.

Source: Siemens Offering $6.1 bln for Dresser Rand

Germany's Siemens plans to offer more than $6.1 billion, or $80 per share, for U.S. compressor and turbine maker Dresser-Rand, Germany's Manager Magazin said on Friday.

Energy

Dann Marine Repowers With Cummins Tier 3 Engines

Dann Marine Towing, LC., is a fifth generation family owned and operated tugboat company based in Chesapeake City, MD. The model-bow twin-screw tug Sea Coast was

Exxon: U.S. to Allow Wind Down Ops in Russian Arctic

U.S. oil major Exxon Mobil said on Friday the U.S. Treasury Department granted it a license to wind down operations on a drilling well in the Kara Sea in the Russian Arctic.

Sulzer Shareholder has 5 pct Dresser-Rand Stake

Russian billionaire Viktor Vekselberg's Swiss investment firm Renova Group said on Friday it had a 4.99 percent stake in U.S.-based Dresser-Rand, which might become the object of a takeover battle.

Marine Equipment

Sulzer Shareholder has 5 pct Dresser-Rand Stake

Russian billionaire Viktor Vekselberg's Swiss investment firm Renova Group said on Friday it had a 4.99 percent stake in U.S.-based Dresser-Rand, which might become the object of a takeover battle.

MAN-Powered Cargo Vessel Meets Tier III

Classification society awards SCR system emissions certificate. MAN Diesel & Turbo has been awarded a Tier III - compatibility certificate by the DNV- GL classification

Source: Siemens Offering $6.1 bln for Dresser Rand

Germany's Siemens plans to offer more than $6.1 billion, or $80 per share, for U.S. compressor and turbine maker Dresser-Rand, Germany's Manager Magazin said on Friday.

Offshore Energy

Exxon: U.S. to Allow Wind Down Ops in Russian Arctic

U.S. oil major Exxon Mobil said on Friday the U.S. Treasury Department granted it a license to wind down operations on a drilling well in the Kara Sea in the Russian Arctic.

Russia: Exxon Still Drilling in its Arctic

ExxonMobil is still drilling in the Russian Arctic, a Russian minister said on Friday, in move that if confirmed will anger Washington after the U.S. administration

FPSO Petrojarl Knarr Delivered to Norway

Three tugs of Fairmount Marine have towed the brand new FPSO Petrojarl Knarr from South Korea to Norway in just 61 days. Petrojarl Knarr, one of world’s largest

 
 
Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.4081 sec (2 req/sec)