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Profits boom prompts confident predictions from Stork

Stork is to make changes to its pension scheme
Stork is to make changes to its pension scheme

Asset-integrity management firm Stork Technical Services said yesterday it expected demand to continue rising for the rest of the decade as it reported a jump in profits.

The company said the number of North Sea installations which now require repair and maintenance would create further opportunities for it in the years to come.

It followed annual accounts just published by Companies House which revealed a boost in both turnover and profits.

The report for Stork Technical Services (RBG), which covers the firm’s operations in the UK and Africa, said turnover last year was up 24% to £330.8million.

Pre-tax profits rocketed to £30.3million from £4.4million, while operating profits were up 74% to £13.1million.

The majority of Stork’s work came from the UK, with domestic operations accounting for £294.1million of turnover.

A Stork spokeswoman said: “Stork is focused on the North Sea sector and these results are a testament of commitment to the oil and gas industry.

“As many assets in the North Sea are reaching an age where they require significant repair and maintenance, Stork offers a wide variety of innovative services to help operators extend the life of assets.

“The company sees huge potential as the demand for these services continues to grow and is expected to last through the decade.”

Stork is a Dutch firm which expanded its footprint in Aberdeen in 2011 when it bought RBG in a deal believed to be worth up to £250million.

The company employs nearly 3,000 people, onshore and offshore, working out of Aberdeen. Worldwide, Stork employs 14,500 people with offices across Europe, the Americas, the Middle East and Asia Pacific. As well as the oil and gas sector, the firm also serves the chemical and power industries.

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