Turnover more than doubles
Ecosse Subsea well-placed with £20m order backlog
Mark Gillespie: “excellent results”
Oil and renewables services company Ecosse Subsea is sitting on a £20 million order backlog and is forecasting a positive 2018.
The Aberdeenshire engineer’s bright outlook will add further evidence to signs of a recovery in the north east economy.
Ecosse Subsea, the parent company of subsea technology specialist, Ecosse Subsea Systems, (ESS) said turnover more than doubled from £12.7m to £27.7m in the year to the end of March. EBITDA came in higher at £7m.
The company said the strong financial performance was a result of previous R&D spend of more than £10m and increased adoption of its SCAR technologies for offshore renewables and interconnector projects, aligned to growth in oil and gas engineering activities.
Chairman, Mike Wilson, said: “We have concluded a number of major offshore windfarm projects and interconnector contracts in the last year and our greatly increased market share is reflected in these excellent results.”
Managing director Mark Gillespie said: “We continue to invest significantly in R&D which will generate future returns in 2018 and beyond, an example of which is our new trenching tool SCARJet in which we have already invested a large proportion of 2017 profits.
“In the current financial year we have already secured an order backlog in excess of £20m and we are forecasting that 2018 figures will continue on an upward trajectory. Changes we made to strengthen our management team earlier this year are already paying dividends and as these results show, we are primed to push on and take ESS to the next stage of its evolution.
“Revenues in Europe over the last financial year grew to more than £9m and this expansion out with our traditional UK market signals we have a strong offering which has a wider appeal across a range of major international subsea construction projects.
“Our focus will be on consolidating our leading position in the subsea energy sector and expanding our geographic footprint in to the Baltic, Asia and North America subsea markets.”