Grampian Talisker

New ships drive profits at Craig Group
Robust results reported for 2009...

Global shipping and energy services company, Craig Group, recently announced robust results for the year ending 2009, despite a challenging year for the UK oil and gas sector.

The privately-owned group has maintained a turnover in excess of £100 million and continues to forecast growth for 2010 particularly in international oilfield procurement business and the provision of offshore support vessels in the North Sea and internationally.

Turnover for 2009 was £104.6 million with profits of £13.5 million, effectively up £3 million on last year.

During the period of these results, Craig Group sold its catering business. Group turnover from continuing operations was therefore down from last year’s £106 million but operating profit increased from £10 million in 2008 to £13.5 million in 2009.

“The massive investment in our fleet which is benefiting our customers is also now reaping rewards for the business,” said Douglas Craig, managing director of Craig Group. “With the youngest and therefore most modern emergency response and rescue fleet in the North Sea, we are able to make savings while adding value to our clients in this front-line service.”

Craig Group’s five-year investment programme in 16 new vessels now stands at £130 million. Five new-build vessels are still to be delivered in 2010 with long-term charters already secured for four of them.

Mr Craig added: “Last year we eliminated our net debt of £5.5 million to a cash positive situation of £6.9 million. We are now extremely well-positioned for long-term sustainable growth. Our financial strength will enable us to focus on further investment in our fleet and growing our international oilfield procurement division, Craig International Supplies in strategic locations around the world.”

The Craig Group remains one of Scotland’s top 100 companies and in the top 20 of offshore service companies in the North Sea. Its divisions operate in the areas of offshore support, ROV survey, emergency response and rescue vessels, oilfield supplies, fishing and leisure. With operations in the UK, Africa and the United States, the group provides employment for over 1,000 people.