PRESSUREFAB is on course to achieve strong growth in profits to around £1 million this year amid buoyant demand for parts for use on oil and gas facilities overseas.
However, the Dundee-based engineering firm said business in the UK North Sea appears to be cooling down.
The company's founder, Hermann Twickler, said while a number of projects that were deferred pending the referendum on Scottish independence have become live, the Aberdeen market is "relatively slow".
The German entrepreneur said conditions in Aberdeen are now like they were in 2010.
There was a surge in activity in recent years as oil and gas firms looked to boost production from the North Sea to cash in on strong demand for energy.
Mr Twickler's comments may increase concern that the sharp fall in oil prices since June has started to impact on activity off Scotland.
Last week industry body Oil & Gas UK reported that confidence levels had slumped to a five-year low in the North Sea amid concern about falling crude prices and the rising costs of doing business.
However, Mr Twickler said the market in Norway is still doing well.
He said PressureFab has been capitalising on strong activity in deep water and subsea markets around the world.
The company, which makes products like subsea frames, has been supplying firms based in countries such as Brazil and USA.
It has also been winning significant orders from firms based in Aberdeen for kit that they plan to use on projects overseas.
Mr Twickler said the Scottish operations of services giants Aker and GE are important customers.
His comments provide evidence that Scottish firms are successfully drawing on expertise developed in the North Sea to win business overseas.
Mr Twickler said PressureFab is on course to achieve its targeted revenues of £10m in the year to January 31, 2015.
It increased revenues to £6.2m in the year to January 2014, from £5.7m the preceding year.
Noting the firm had won more business in the current year without sacrificing profitability, Mr Twickler said: "There's no reason why we could not close off at around one million profit."
Mr Twickler, who was the Entrepreneurial Exchange's emerging entrepreneur of the year on 2012, underlined his ambitions to achieve significant growth.
He said he wants to increase the scale of the company to give it greater strength to cope with shifts in the market and issues such as the referendum on Scottish independence.
He said businesses deferred many North Sea projects in the run up to the referendum in September.
Mr Twickler highlighted PressureFab's appetite for more acquisitions. He said two Scots steel manufacturing firms it acquired in recent months had been integrated successfully. Abbreviated accounts for PresureFab show it recorded a retained profit of £701,000 in the year to January.
An engineer and shipbuilder by trade, Hermann Twickler started PressureFab in 2009.
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