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Forum Energy profits double to £21m thanks to boom in North Sea activity

FORUM Energy Technologies doubled underlying profits in the UK in the last financial year as it capitalised on increased activity in the North Sea.

The latest accounts for Forum Energy Technologies (UK), an oil services firm, with a significant operation in Aberdeen, show the business made an operating profit of £20.7 million in 2012 compared with £9.4m in the previous year.

It increased turnover to £82m from £45.7m.

Owned by America's Forum Energy Technologies Inc, the firm supplies remote operated vessels and other equipment to oil and gas firms operating in the North Sea.

In its full year results announcement, the Houston-based group said an increase in net income to $151m (£92m) in 2012, from $93m (£56m) in 2011, was mainly due to higher market demand for its equipment and products.

The North Sea services market has been expanding because oil and gas firms have increased output to meet global demand.

These increases in the UK business also reflected the transfer of trade from other group companies.

Writing in the latest accounts of the UK firm, directors said they were satisfied with the results for the year and expect further growth in 2013.

The enlarged business employed a monthly average of 322 people in 2012, compared with 146 in the preceding year.

The UK operations are based in Aberdeen and Great Yarmouth.

The FET group incorporates the former Triton operation which was founded in Aberdeen in 2007 by the SCF Partners private equity operation with support from Royal Bank of Scotland.

After achieving rapid growth through acquisitions, Triton merged with four US firms in 2010.

Increased investment in subsea infrastructure items like pipelines is boosting demand for ROVs.

Forum Energy Technologies Inc. completed a stock market listing in the US last year.

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