Craig Group announces steady results for 2010Company News // January 19, 2011
The group, whose core activities are the provision of offshore support, ROV survey, emergency response and rescue vessels (ERRVs) and oilfield procurement, employs around 1,000 people.
Craig Group managing director, Douglas Craig, said: “We are pleased to report steady results for 2009/10 against a backdrop of continued global financial uncertainty.
“Our forecasts for 2011 are very promising with profits predicted to increase as a result of the continued investment in new vessels and oilfield procurement markets picking up.
“These results reflect the challenging trading conditions in 2009/10 and the final implications of our re-structure to focus on our core activities, after divesting of Craig Group Food Services in 2009.”
Turnover in 2009 was £104.6 million with operating profits of £13.5million.
The decrease in turnover and profits is largely attributed to the disposal of the food services business and the downturn in the oilfield procurement sector globally.
Mr Craig added: “Although there was a dip in Craig International Supplies’ business as a result of market conditions, this picked up significantly towards the end of the financial year and this division is already performing well ahead of targets this calendar year.
“North Star Shipping continues to perform in line with expectations and our £130 million programme of new offshore support vessels was completed this year with the delivery of Grampian Citadel. However, in 2010, we announced a further investment of £35 million in the fleet with four more ERRVs to be delivered in 2012.
“This substantial investment now amounts to 20 new vessels in the last seven years and gives us one of the most modern and safe fleets in the North Sea.”