Marine Link
Sunday, October 23, 2016

Saltire Reports Global Growth, Turnover Increase

November 13, 2013

Strong global growth contributes to increase in turnover for Saltire Energy

Strong global growth contributes to increase in turnover for Saltire Energy

Saltire Energy, supplier of drilling tools to the offshore oil and gas industry, has posted its year end to June 30, 2013 results with turnover up more than 50% from £21.5 million to £32.9 million.

Operating profit for the year has also risen from £14.1 million to £18.5 million.

Mike Loggie, Chief Executive of Saltire Energy, said, “The last 12 months has seen steady growth in our business in the U.K. and across our international operations.

“As a company, our focus is on delivering high quality equipment and services for our clients and we have seen a significant rise in our activities in the Middle East, Africa, Asia Pacific, the U.K. and North Sea. This has supported growth in our turnover across the company.

“Over the coming months, we plan to increase our footprint in Aberdeen with the expansion of our facilities in Portlethen and expand our presence in Europe with the opening of a further base.

“Developing our equipment inventory has been a strong focus and last year we invested £10million back into the business, which we have done again in 2013 to extend our suite of industry accredited drilling tools and pipe. This allows us to continue to meet the needs of our clients and fuel further growth of the business.”

Since the company was established in 1986, it has developed a strong reputation for delivering high quality customer service and flexibility, increasing its global presence through strong industry networks and agent partnerships.

Mike continued, “The company would not be where it is today without the skills, expertise and commitment of our team. Earlier in the year we further strengthened our management structure with the appointment of Craig Mitchell as a director. We have bolstered our staff numbers with the addition of 10 new personnel, taking our workforce to 52, with plans to grow this further in the next 12 months.”

Saltire Energy has also maintained its commitment to the community with support for local charity Befriend a Child and has financially supported the Saltire Sports for Schools initiative to date, contributing £500,000 to the project, with this figure likely to rise year on year by approximately £50,000. This has enabled approximately 2,000 children from five local primary schools, some of which are located in the city’s designated regeneration areas, to develop their sporting and interpersonal skills at Aberdeen Sports Village’s state-of-the-art sporting environment.

The company is also a major funder of the Aquatics Centre, one of only two Olympic standard facilities in Scotland, which is set to open in early 2014.

Saltire Energy is also a strong supporter of the university scholarship programs and sponsorship of Open Champion and Ryder Cup hero Paul Lawrie.

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