Projects boost for Maritime Developments

Maritime Developments' 400 tonne reel drive system
Maritime Developments' 400 tonne reel drive system

Offshore engineering firm Maritime Developments said yesterday it had “milestone projects globally” helping it grow after a few challenging years.

The Aberdeen-based company has come through the oil and gas downturn to report a second consecutive year of increased turnover, though profits fell slightly during the 12 months to March 31 2018.

Finance director lan MacLeod said: “This has been another challenging year for the industry.“However, we are pleased that we continue to grow, both internally and externally.

“This includes picking up new milestone projects globally, particularly in the Gulf of Mexico after transferring equipment to our bases in the region.

“We have subsequently delivered our first LiveWire system into the Gulf of Mexico which supports our diversification into the wire rope inspection market.

“Our rental business continues to go from strength to strength, and apart from adding another market-leading asset to the rental fleet we have also been investing heavily in strengthening and growing our internal departments, particularly our engineering division.”

The firm employed 58 people, on average, in its 2017-18 financial year, up from 52 in the previous 12 months.

Pre-tax profits for the latest period came in at £850,882, against £865,204 previously, while turnover grew by 5% to £9.9 million.

It refinanced its debt in 2017-18, with the balance sheet showing net liabilities of £2.3m at the year-end.

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