Subsea equipment firm Ashtead Technology registers growth in 2013-14

Aberdeen head-quartered Ashtead Technology has announced a 23% rise in turnover and almost 40% increase in profits for the year ended April 2014.

The subsea technology company, which specialises in the sale and rental of subsea equipment and associated services, has seen turnover increase from £22.2m in 2013 to £27.4m.

In the 12 months to April 2014, the company upped its investment in rental equipment to £10m from £9m the year before.

Operating profits increased by almost 40% to £13.6m from £9.7m in 2013.

The company now employs 95 people in Aberdeen, London, Houston and Singapore with agents in Abu Dhabi, Perth (Australia) and Stavanger.

“These results reflect our achievements in retaining customers and attracting new business whilst positioning the company for continued sustainable growth across all our global bases,” said Allan Pirie, chief executive officer. He added that there has been increasing demand for integrated equipment package support.

The announcement came on 29 January amid an increasingly gloomy outlook for the North Sea oil and gas industry.

Addressing an industry summit in Aberdeen today, Oil & Gas UK’s chief executive, Malcolm Webb, warned that “inconsistent and unpredictable government policy”, combined with rising costs and a sudden drop in oil price “has dealt a blow which is doing real and potentially long-lasting damage”.