North-east oil service company Qserv said yesterday it was on target to increase its worldwide workforce to 700 by the end of the decade.
This came as the firm said pre-tax profits for 2007 hit £7.45million; almost double the previous year’s £3.9million haul.
Turnover at the business, which was recently acquired by Aker Solutions, also jumped from just over £26million to £47.7million.
Well service director Ciaran Dreelan said the firm was very pleased with the results.
He added that turnover in the current year was on course to be more than £60million.
Mr Dreelan added: “The 2007 results exceeded expectations, but reflect both the high continued investment in personnel and assets and also the overall buoyancy of the oil and gas sector both in the North Sea and international markets.”
Qserv capital expenditure in 2007 was £8.1million and is expected to exceed £15million in 2008.
The Qserv director said that the workforce had also risen considerably in the past year, from 350 to more than 460, most of them working out of the company’s Portlethen headquarters.
He added: “The company is actively recruiting all disciplines to achieve the target of 500 across the globe by the end of 2008.
“We are on target to increase our workforce to 700 worldwide and reach annual turnover of £100million in 2010.”
The director said Qserv had been successful in winning new customers at home and abroad in 2007 and 2008, in addition to gaining extra work from its existing key customers.
He added that, although Qserv was achieving successes in overseas markets, the firm continued to focus on UK North Sea operations: its largest operating region and where the majority of its growth was achieved.
Mr Dreelan said: “Success continues to be our greatest motivator and people our greatest asset and, as part of Aker Solutions, we will continue to invest in people and equipment to remain successful whilst we expand the business both here and overseas.”
Qserv was founded in 2001 and offers well, process and pipeline services. Last July, it announced it had entered into an agreement with Norwegian group Aker Solutions to become a subsidiary of Aker Well Service.
The deal led to Qserv managing director Tommy Dreelan and his brothers – Sean, Mike and Ciaran – sharing nearly £100million. They all plan to stay with the business well into the next decade.