Diversifying into renewables, as well as keeping a steady hand on oil and gas, is expected to bring “continued growth” in 2022 for energy services group First Tech.
Director Martin Suttie, whose millionaire father owns the Aberdeen-headquartered firm, said renewables now account for 30% of revenues, with more on the way.
Meanwhile the group, whose subsidiaries include First Integrated Solutions (FIS), First Marine Solutions (FMS), First Subsea, First Competence and Mooring Systems, turned over £23.4 million for the 12 months ended April 30, up 14% on the prior year.
Pre-tax profits totalled £206,558, reversing losses of £11.2m in 2020, during the height of Covid, as the underlying trading performance “improved significantly”.
Mr Suttie Jr said: The significant investment and contracts secured over the last few years have ensured another busy year and continued improvement despite the impact of Covid.”
Growth is expected to continue “in 2022 and beyond,” Mr Suttie Jr, added, thanks to its diversified offering across oil and gas and renewables.
First Tech now has a record high on 150 employees and invested £1.7 million in its asset fleet.
The group’s work covers marine services to the energy industry, as well as hire and supply of equipment including mooring connectors, lifting devices, cable protection systems and recovery tools.
It now has a dedicated research and development team for floating offshore wind, a technology which is expected to boom in the coming years thanks to projects linked to the recent ScotWind auction.
Meanwhile it has also set up a dedicated Polyurethane Manufacturing Plant, primarily servicing offshore wind.
Mr Suttie Jr added: “The Group has diversified significantly over the last few years and is excited to trade across multiple growth industries including fixed and floating offshore wind, marine renewables, decommissioning and a recovering oil and gas industry”.
One of the subsidiaries seeing activity across both oil and gas and renewables is First Marine Solutions, which recently supported mobilisation of the Well-Safe Guardian out of Invergordon, the first dedicated oil rig for plugging and abandonment work in the North Sea.
Managing director Steven Brown said: “It is pleasing to see the Group being at the forefront of the energy transition, especially given the recent ScotWind announcement.
“First Subsea continues to grow and expand its offering to both the fixed and floating offshote wind markets – this being underpinned with significant infrastructure investment from First Tech.
“We are also delighted to see the continued growth in First Marine Solutions within their traditional markets supported by the establishment of a dedicated renewables arm which continues to go from strength to strength.”