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

People & Company News

Barril Appointed COO of SBM Offshore

SBM Offshore is pleased to announce the appointment of Philippe Barril as Chief Operating Officer (COO) effective March 1, 2015.  Philippe's appointment as a

Zamakona, Finnish GS-Hydro Ink Deal

The presentation ceremony of the Finnish multinational leader in water services GS-Hydro, new partner of Zamakona Yards in Canarias was held yesterday (January 29th at 7 p.

Naval EXPO Coming to Washington

For the first time ever, the general public will be admitted free to the Naval Future Force Science and Technology EXPO general exhibit hall Feb. 4-5 where they

Contracts

Barril Appointed COO of SBM Offshore

SBM Offshore is pleased to announce the appointment of Philippe Barril as Chief Operating Officer (COO) effective March 1, 2015.  Philippe's appointment as a

Zamakona, Finnish GS-Hydro Ink Deal

The presentation ceremony of the Finnish multinational leader in water services GS-Hydro, new partner of Zamakona Yards in Canarias was held yesterday (January 29th at 7 p.

PHA Budgets $ 275 mi for Capital Improvements

In 2015, the Port of Houston Authority has budgeted $275 million for various capital improvement projects. About $184 million is being allocated to its container

Finance

Scorpio Takes Delivery of STI Veneto

Scorpio Tankers Inc. has taken delivery of STI Veneto, an LR2 product tanker from Hyundai Samho Heavy Industries Co., Ltd. This vessel will begin a voyage for 60 days at approximately $32,

Adani Group Revamps Businesses

Adani Enterprises Limited together with its subsidiaries Adani Ports and Special Economic Zone Limited (“APSEZ”) and Adani Power Limited (“APL”) today announced

PHA Budgets $ 275 mi for Capital Improvements

In 2015, the Port of Houston Authority has budgeted $275 million for various capital improvement projects. About $184 million is being allocated to its container

Energy

Barril Appointed COO of SBM Offshore

SBM Offshore is pleased to announce the appointment of Philippe Barril as Chief Operating Officer (COO) effective March 1, 2015.  Philippe's appointment as a

MMEA Recover Hijacked Tanker

A hijacked Malaysian coastal tanker has been recovered by the prompt actions of the Malaysian Maritime Enforcement Agency (MMEA) off the coast of Malaysia. The

Scorpio Takes Delivery of STI Veneto

Scorpio Tankers Inc. has taken delivery of STI Veneto, an LR2 product tanker from Hyundai Samho Heavy Industries Co., Ltd. This vessel will begin a voyage for 60 days at approximately $32,

Marine Equipment

Scorpio Takes Delivery of STI Veneto

Scorpio Tankers Inc. has taken delivery of STI Veneto, an LR2 product tanker from Hyundai Samho Heavy Industries Co., Ltd. This vessel will begin a voyage for 60 days at approximately $32,

Zamakona, Finnish GS-Hydro Ink Deal

The presentation ceremony of the Finnish multinational leader in water services GS-Hydro, new partner of Zamakona Yards in Canarias was held yesterday (January 29th at 7 p.

Naval EXPO Coming to Washington

For the first time ever, the general public will be admitted free to the Naval Future Force Science and Technology EXPO general exhibit hall Feb. 4-5 where they

Offshore Energy

Barril Appointed COO of SBM Offshore

SBM Offshore is pleased to announce the appointment of Philippe Barril as Chief Operating Officer (COO) effective March 1, 2015.  Philippe's appointment as a

BOEM Issues Supplemental Environmental Impact Statement

The U.S. Department of the Interior, Bureau of Ocean Energy Management (BOEM), announces the availability of the Draft Supplemental Environmental Impact Statement

Europe's Offshore Wind Capacity Growing

New capacity edges down 5 pct from record 2013; industry body forecasts stable growth over 2015/6. Europe's offshore wind capacity kept up a steady rate of growth

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Offshore Oil Pipelines Port Authority Salvage Ship Repair Ship Simulators Sonar
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: 0.3415 sec (3 req/sec)