Tight margins and unrelenting volatility in the oil and gas market put a crimp on Saltire Energy’s profits in 2017-18.
The Scottish Government is set to turn the tide on a previously defunct £10 million marine energy scheme.
Being big doesn’t entitle you to push small companies around, one of the north-east’s top entrepreneurs has said.
The owner of an Aberdeen oil drilling equipment rental firm has pledged to continue investing in the business despite writing £43.2million off the value of its assets.
The boss at Saltire Energy said yesterday the Aberdeenshire oil service firm had handled low crude prices “extremely well” despite a double-digit drop in profits. The Portlethen-based oil drilling equipment rental business ended its last financial year with pre-tax profits of £15.28million, down 13.6% on 2013/14, according to accounts lodged at Companies House. Turnover at Saltire, which is controlled by award-winning entrepreneur Mike Loggie, fell 11.9% to £31.98million for the year ended June 30, 2015.
The chief executive of Portlethen-based Saltire Energy, Mike Loggie, has added another gong to a fast-growing list by winning the entrepreneur of the year title at a business awards event.