ASHTEAD Technology, the Aberdeen-based oil services firm, expects to increase sales and profits in spite of the plunge in oil prices.
The company, which supplies subsea equipment and associated services, said it is on course to deliver increased turnover and profit for the financial year ending April 2015 after achieving strong growth in the preceding year.
The private-equity backed firm grew operating profits by around 40 per cent in the year to April 2014, to £13.6m from £9.7m in the preceding year.
The latest accounts for the business show sales increased by 23 per cent to £27.4m, from £22.2m.
The accounts cover a period during which there were strong activity levels in the North Sea oil and gas industry, with firms trying to boost output to cash in on high crude prices.
There has been a dramatic change in operating conditions during the current year.
The price of Brent crude has fallen by almost 60 per cent since June, amid plentiful supplies and subdued demand.
Oil and gas companies have introduced deep cost-cutting programmes in the North Sea, where giants such as BP are shedding hundreds of jobs.
They are expected to rein in spending on new developments in the area, which is costly to operate in. Experts have warned oil services firms could find their revenues coming under serious pressure.
However, Ashtead said while there has been a slow down in the North Sea, the business has continued to record strong trading in the area in the year to date.
The company has no plans to cut jobs in Aberdeen, where 51 of its 95 staff are based.
Chief executive Allan Pirie noted that Ashtead works across the industry life cycle, in areas such as surveying and repair and maintenance. This means it is not dependent on working on, say, new developments.
He noted: "Despite the drop in oil price, the fundamentals in subsea remain strong and we remain confident about the short to mid-term future both for the industry and our company."
Noting the company is active around the world, Mr Pirrie added: "While there may be a slow-down in the North Sea, our international outlook is more positive."
A number of Scottish oil services firms have used the expertise they acquired operating in the North Sea to build international businesses like Ashtead. This has reduced their reliance on what is seen as a mature area.
London-based Phoenix Equity Partners backed a £96m management buyout of Ashtead Group's Technology Rentals business in 2008
The private equity firm led a £124m buyout of Asco, the Aberdeen-based oil and gas logistics business in 2006.
Phoenix sold Asco to private equity giant Doughty Hanson for an undisclosed sum in November 2011.
In December Asco announced that Alan Brown, who used to run the Rentokil Initial group, had been appointed to be its new chief executive.
The company said in the preceding three years it had grown from being principally focused on the UK North Sea to one with an international footprint, with operations in North America, the Middle East and Africa and Australia.
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