EnerMech Secures $53.4m Cranes Contracts
EnerMech has secured six new or renewed cranes and lifting contracts in the UK North Sea sector valued in excess of $53.4 million. The Aberdeen headquartered mechanical engineering group agreed extensions to contracts with Apache North Sea, Maersk Oil and Marathon Oil, and first time or additional workscopes with Centrica Storage/HRL, Aker Solutions and a number of projects on behalf of Technip. The contract wins follows publication of the company’s latest accounts to December 2013 which reveal a 40% upswing in turnover, breaking the $314 million mark for the first time.
EnerMech Profits From Investment
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.
Stewart to Lead EnerMech Expansion
EnerMech has signalled it’s about to step up international expansion with the appointment of mergers and acquisitions expert Ingrid Stewart. Mrs Stewart has joined the mechanical engineering group from investment bank Simmons & Company International where she was a director specialising in corporate finance. A chartered accountant, she takes on the newly created role of Corporate Development Director, as the Aberdeen-based oil and gas services company embarks on a new phase of acquisitions and strategic joint ventures.
