North-east oilfield service provider PSL Energy Services has posted a rise in turnover, thanks to overseas demand.
Results just released by Companies House reveal the business – acquired by Halliburton in 2007 – turned over £10.6million in 2011, up from £7million in the previous year.
The company said its growth was driven by buoyant contract activity in Azerbaijan, which also boosted margins. Operating profits were up to £2.7million, from £1million previously, but pre-tax profits fell sharply to £2.7million, from £35.5million. The 2010 figure was affected by a £34.5million gain which PSL booked on its UK trade and net assets after selling them to Halliburton.
