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Core’s more global outlook bears fruit

Ian Findlay
Ian Findlay

Oil and gas engineering company is reaping the rewards of its decision to develop the business internationally.

Two years ago, the process control and instrumentation consultancy’s export business was worth just over £600,000 annually – about 10% of its total turnover.

In the nine months to the end of 2016, the firm notched up £1.56million in overseas sales making up 40% of its total turnover of £3.96million.

The increased international focus has seen it secure projects with the likes of Tullow Oil, BP, Occidental, Idemitsu and Maersk in global locations including west Africa, Vietnam, Dubai, Qatar, Malaysia and Brazil.

Globalisation of the business, which is based in Golden Square, Aberdeen, and currently celebrating its 10th anniversary, has allowed bosses to confidently predict a strong rise in turnover to £5.25million in the current trading year to March 31.

Overseas sales are expected to make up at least 50% of total revenue by the end of 2017, with the firm also aiming to maintain its UK market share.

Workforce numbers are also growing – Core had 26 people on its books at the start of the year, currently employs 28 and expects the number to increase to 30 by the end of 2017.

Managing director Ian Findlay said: “This is an exciting time for Core as we celebrate 10 years of business, returning to growth during 2016 and looking forward with optimism to 2017 and beyond.

“We have achieved significant success toward our strategy of diversifying our offering to meet the requirements of the industry. We’re confident that our focus on providing our services internationally will lead us to further growth.”

Core provides a full range of control and instrumentation services to the upstream oil and gas industry.

It supports major operators to maintain and improve the safety and optimise production of offshore installations worldwide.

The company’s ownership is split equally between four directors: Mr Findlay, Robert Allan, David Power and Simon Moy.

Future growth is expected to be led by the expansion of sales of the firm’s asset lifecycle management tool, cALMS, into overseas markets.

Mr Findlay said: “Our engineering expertise, specialist cALMS software and collaboration with other industry leaders position us well to continue to expand our lifecycle services for both existing and new clients.”

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