Overseas expansion is paying dividends for north-east offshore engineering firm Maritime Developments.
The Aberdeen-based back deck systems specialist said yesterday it was doing particularly well in North America, where it established a subsidiary in Houston in 2016.
It recently entered into a partnership with global mooring specialist Delmar Systems to supply equipment in the US.
Maritime Developments’ products and expertise are being made available for hire at Delmar’s 11-acre shore base in Fourchon, Louisiana, from where they can be used for oil and gas projects in the Gulf of Mexico and elsewhere.
Alan MacLeod, the Scottish firm’s finance director, said this deal and recently won contracts bode well for a strong financial performance in the current trading year.
He was speaking after accounts lodged at Companies House showed pre-tax profits rocketed by more than 50% to £865,204 during the year to March 31, 2017.
Turnover soared to £9.45million in the latest period, from £7.84million previously.
Mr MacLeod said: “We are pleased with the improved performance of our business and this is a direct result of our expansion into overseas territories, and in particular North America.
“We continue to heavily invest in our fleet of new cost-saving technology and, coupled with further contract wins and our new strategic alliance with Delmar, we fully expect to increase revenue and profitability this year.”
Maritime Developments, which also has a yard facility in Peterhead and an operation in Perth, Western Australia, is majority-owned by chief executive Derek Smith. The business was founded in 1999 in Peterhead and has its roots in the fishing industry.
Today, the company supports the deployment and retrieval of subsea umbilicals, risers and flowlines for the oil and gas industry, and cables for the renewable-energy sector.
The firm employed 52 people, on average in 2016/17, which was up from 47 the year before.
It is a finalist in the global exports category of the 2018 Subsea UK Awards, which reach their climax at Aberdeen Exhibition and Conference Centre in February.