Craig Group Predicts Strong 2013 Growth

Press Release
Wednesday, November 14, 2012
Douglas Craig: Photo credit Craig Group

Aberdeen (Scotland) based global shipping and energy services firm, Craig Group, has announced healthy results for the year ending April 2012.

The privately owned, family-run business has reported turnover of £123.3 million with operating profits of £14.8 million.
 
This is an increase on their 2011 turnover of £11.4 million and a £1.7 million increase on operating profit from the same time period. EBITDA has risen from £19.1million in 2011 to £21.3millionin 2012.
 
The group, whose core activities are the provision of offshore support, ROV survey, emergency response and rescue vessels (ERRVs) and oilfield procurement, provides employment for around 1,000 people.
 
Craig Group managing director, Douglas Craig, said:

“"We are pleased to report healthy results across all three divisions for 2011/2012. The UK oil and gas sector continues to flourish in what is still very much a fragile economic period and as a result we have been able to invest in vessels, people, premises and services.”"
 
Capital expenditure in the year of £28.4 million was mainly invested in the continued modernisation of the fleet which is the largest British wholly-owned fleet engaged in the UK offshore industry.
 
“The total investment of £215million in new vessels since 2003 has given us one of the safest and most modern fleets operating in the North Sea which has helped us secure new business, attract the best maritime skills, improve safety and reduce our impact on the environment.
 
The fleet is operated by group division, North Star Shipping, who saw its turnover increase by 9.7% to £80.3 million. Four new vessels were completed during the calendar year in 2012 creating 100 jobs in the marine industry.
 
Turnover at Craig International Supplies (CIS), the group’s oilfield procurement division, also rose by 10.3% from £34.1 million to £37.6 million.
 
Mr Craig added, “We are particularly excited by the potential of CIS’ global strategy, which will see the procurement division moving into new markets including West Africa, Central Europe and Australia over the next year."
 
The group continued to pursue its corporate social responsibility strategy with donations to charities and other causes totalling £375,000 in 2012.
 

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

People & Company News

Nordic American Offshore Declares Dividend

Nordic American Offshore Ltd. today announced that its board of directors has declared a dividend of $0.45 per common share for the third quarter 2014. This is the same as for the second quarter 2014.

Bollore Africa Logistics Sees Profit Plunge in H1

First half 2014 profit at shipping company Bollore Africa Logistics plunged to 5.89 billion CFA francs ($11.48 million) from 9.45 billion CFA francs in the same period last year,

Ocean Rig, Petrobras Agree to $1.1b Drill Ships Lease

Cyprus-based Ocean Rig UDW Inc said on Monday that it signed a $1.1 billion three-year contract with Brazil's state-run oil company, Petroleo Brasileiro SA, to

Offshore

Ocean Rig, Petrobras Agree to $1.1b Drill Ships Lease

Cyprus-based Ocean Rig UDW Inc said on Monday that it signed a $1.1 billion three-year contract with Brazil's state-run oil company, Petroleo Brasileiro SA, to

GAO: Ending Crude Export Ban Could Ease 'Price at the Pump'

As the energy profile of the U.S. continues to improve and evolve daily, fresh debate in favor of exporting oil and gas products -- which would have a significant impact on the U.

Autonomous Technology for Offshore Wind Farm

ASV Ltd in association with Planet Ocean Ltd, have received funding from the GROW:OffshoreWind initiative to investigate how the use of Autonomous Surface Vehicles

Finance

Nordic American Offshore Declares Dividend

Nordic American Offshore Ltd. today announced that its board of directors has declared a dividend of $0.45 per common share for the third quarter 2014. This is the same as for the second quarter 2014.

Bollore Africa Logistics Sees Profit Plunge in H1

First half 2014 profit at shipping company Bollore Africa Logistics plunged to 5.89 billion CFA francs ($11.48 million) from 9.45 billion CFA francs in the same period last year,

Maduro Says Venezuela's 2015 Budget to Put Oil at $60

Venezuela's 2015 budget will be based on a target oil price of $60 dollars per barrel, President Nicolas Maduro said on Friday night, but he repeated expectations that prices will recover.

People in the News

Frontline appoints Macleod as new CEO

Crude oil tanker firm Frontline, part of shipping tycoon John Fredriksen's business empire, appointed Robert Hvide Macleod as chief executive to replace Jens Martin Jensen, the firm said on Monday.

Saudi Oil Pipeline Set Alight

A "limited fire" broke out on a subsidiary oil pipeline in eastern Saudi Arabia on Saturday after assailants fired shots at a security patrol, the state news agency SPA said.

Maduro Says Venezuela's 2015 Budget to Put Oil at $60

Venezuela's 2015 budget will be based on a target oil price of $60 dollars per barrel, President Nicolas Maduro said on Friday night, but he repeated expectations that prices will recover.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Simulators 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: 0.2417 sec (4 req/sec)