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Onshore News: Earnings Rocket at Offshore Specialist

Posted on 27.06.2007 - 15:41 EDT in ONSHORE NEWS by ginamc

Offshore support specialist TSMarine (Contracting) has seen profits rise by over £4 million in the past year.

The Aberdeen-based company's results show its 2006 revenue rose to £29.6 million, from £10.4 million in 2005, while earnings before interest, taxes, depreciation and amortisation increased from £229,000 to £4.3 million.

With plans to expand its onshore and offshore workforce by the end of 2007, TSM is also expanding its fleet of subsea decommissioning and rigless intervention vessels over the next three years, which is expected to further boost its annual earnings to more than £100 million.

Established in 2004, the company now has offices in Bergen, Norway, and Perth, Australia, in addition to Aberdeen.

Managing director Alasdair Cowie said: "We have smashed all our growth targets and exceeded all expectations across the business. The audited financial results are significantly ahead of budget despite investing in vessels, equipment and people.

"We continued our recruiting process both in the Aberdeen and Perth offices and ended the year with over 100 employees working for the company worldwide and this number is expected to increase to more than 120 during 2007.

"Considering the very tight global market for resources in our industry sector, this is a major achievement and demonstrates that, as a dynamic, growing and employee-focused company, we are an attractive proposition."


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