THE boss of Aberdeen-based oilfield products company Stable Services yesterday said it was continuing with its aggressive growth strategy, including more overseas expansion.
Chief executive Rod Coffey was speaking after revealing that the firm made pre-tax profits of £2.5million in 2007 – the first full year of operation in its current form – while turnover hit £29million. Turnover in 2008 is forecast to reach £45million.
As well as the Granite City, Stable has subsidiaries in Norway, Libya, Canada and the Middle East.
Mr Coffey said the company is firmly on track to become a global market leader in the supply, manufacture and rental of oilfield products.
He added: “We are well-positioned to capture an even bigger share of the rapidly-growing, global bottom-hole assembly market.
“The decision to add engineering and design capabilities made us a technically competent company, not only able to source, supply and manufacture products but also to add value in terms of developing technical solutions to the increasing challenges of drilling around the world.
“We will continue with our aggressive growth strategy, focusing on adding value to our service and investing in stock and machine shops around the world.
“We are currently looking at another two strategic overseas locations and our strong financial position means that we can do so with relatively low gearing.”
Mr Coffey said the Royal Bank of Scotland has fully supported his company’s expansion.
Stable now employs 110 people around the world, with 80 based in Aberdeen.