PSN, the Aberdeen-based energy services business, has said it performed "well ahead of planned expectations" last year and continues to invest in long-term, sustainable growth.

PSN, the Aberdeen-based energy services business, has said it performed "well ahead of planned expectations" last year and continues to invest in long-term, sustainable growth.

The year's highlights included its first acquisition, with a second following in early 2008, a continued high level of repeat business, and new joint ventures in Russia and Kazakhstan.

Revenues rose by 3% to $1.2bn (£600m) with earnings before interest, tax, depreciation and amortisation of $69.3m (£35m), a rise of 12%.

During 2007, PSN acquired a complementary business, Grasso in the Gulf of Mexico, wholly-funded by cash reserves, significantly extending capability in North America. Joint venture agreements were signed in Kazakhstan, while PSN consolidated its leading position on Sakhalin Island through its partnership with TransStroy Sakhalin.

Duncan Skinner, chief financial officer, said: "The near to mid-term prospects are extremely good, supported by an order book of $2bn (£1bn) as at the end of 2007."