Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Sparrows toasts new markets with profit

Sparrows news
Sparrows news

Sparrows Offshore Group toasted success in new markets and celebrated further overseas expansion as it reported growth in underlying profits yesterday.

The Aberdeen firm said it was doing more work with renewable energy and onshore industrial clients, beside its more traditional offshore oil and gas

Sparrows, which supplies cranes and other specialist engineering equipment and integrated services globally, also highlighted a new joint venture in Ghana.

Underlying profits grew to nearly £6.2million last year, from £5.8million in 2015, although turnover was down by almost 25% due to the “challenging” trading climate in oil and gas markets.

Sparrows employs 1,600 people around the world, including 900 in Aberdeen, and is now hiring again after shedding jobs amid the oil and gas downturn last year.

The Bridge of Don-based company said it was “cautiously optimistic” about the year ahead due to the number of long-term global contracts it has secured over the past 12 months.

These include support for the East Anglia ONE offshore windfarm and new projects in west Africa, Australia and the Middle East.

The firm also won a 10-year contract renewal with BP in the North Sea and secured work on major projects in the area for Maersk Oil and Statoil.

Revenue in 2016 was split 53.9% for the UK and 46.1% for the rest of the world, which Sparrows said highlighted “continued successes both domestically and internationally”.

Chief executive Stewart Mitchell added: “We have strengthened our business model through a well-considered restructuring programme which has secured the company’s position in the marketplace and safeguarded jobs for the future.

“Our improved cost control and recent operational performance, combined with a robust portfolio of ongoing campaigns and contract wins, has put us in a favourable position to capitalise on new regions and areas the company is moving into, such as the renewables sector.”

Sparrows said statutory pre-tax losses of £46.9million last year – after a deficit of £30.9million in 2015 – were mainly due to non-cash goodwill amortisation and finance charges.
The firm reported a “healthy” cash balance of £21million, up from £18million previously.

Its new joint venture in Ghana, with local firm Hydra Group, represents maiden business for the group in the west African country.

Recommended for you


More from Energy Voice

Latest Posts