ITS Tubular Services (Holdings) says that economic conditions and the fall in available credit facilities have had a major impact on operators’ capital investment programmes.
Directors of the Aberdeen-based provider of specialised products and services to the global oil and gas industry say this has resulted in cancellations or delays in activity.
They add in their annual report for 2008, which has just been released by Companies House, that the near-term outlook is difficult to assess given the state of credit markets.
They say that activity in North America continues to be depressed and although international markets have seen a less pronounced fall, future activity levels are difficult to predict.
The group, which was founded in Aberdeen in 1986, has grown to have 21 facilities around the world and more than 1,000 employees, up 40% since 2007.
Its accounts show ITS made pre-tax profits of £13.55million in 2008, an increase from profits of £9.19million the year before.
Turnover for the year was £89.76million compared to £60.92million the previous year.
The accounts also show that the group’s unnamed highest-paid director received emoluments of £813,125 during the year, up from £491,875 a year earlier.